Revitalizing Bushwick: A Strategic Journey from Vacant Restaurant to $1.6M Sale – A Case Study on 970 Flushing Avenue’s Success

Matthews announces the closing of 970 Flushing Avenue in Bushwick, Brooklyn. This was a vacant restaurant that sold for $1,600,000, equating to $1,333 per existing SF or $500 per Lot SF. The triangular lot offered 120’ of frontage along Flushing Avenue and Forrest Street. It also included a 1,200 SF building plus a 1,900SF outdoor space for an additional seating and lounging area.

Our client considered selling last year but we advised that holding off until the property could be delivered vacant would provide the highest and best value. When Forrest Point restaurant, the tenant occupying the space, vacated earlier this year, we brought the property to market and specifically targeted end-users.

Targeted Marketing: How Direct Outreach and Online Platforms Secured the Perfect Buyer For 970 Flushing Avenue

With our direct outreach to local restaurants and bars, as well as listing 970 Flushing Avenue on third-party platforms such as StreetEasy, Zillow, Loopnet, and CREXI, we felt confident in our approach to finding the perfect buyer. Clear and concise marketing materials combined with maximum exposure and premium subscriptions are critical when securing 15-25% user premiums.

Vacant buildings are attractive to both investors and users — we received tremendous activity on the listing, conducting 10+ tours and receiving multiple offers. Given the property’s history as a former car mechanic shop, addressing environmental concerns became our primary focus.

A Win-Win Solution: Balancing Remediation Costs for an Immediate Closing

After receiving a full ask offer at $1,900,000 we moved forward with the contract process, carefully negotiating environmental terms. After careful consideration with our client and our attorney, we moved forward with an amended contract. This allowed for the buyer to conduct a Phase 2 test to determine the potential remediation costs.

The environmental remediation ended up costing more than anyone anticipated, and we elected to credit our contract price in exchange for an immediate closing of 970 Flushing Avenue, satisfying both buyer and seller.

 

Henry Hill & DJ Johnston represented the seller on the transaction.