How Matthews™ Generated 15 Offers for a Record Outcome on Putnam Ave
2 Min to read |
Matthews™ successfully represented the seller in the disposition of a mixed-use property located at 1701 Putnam Avenue in Ridgewood, NY. The 6,290-square-foot asset featured a balanced unit mix of four residential apartments and four retail spaces and ultimately sold for $2,880,000.
Challenge
The primary challenge was achieving the seller’s target pricing in a competitive yet price-sensitive mixed-use market. Although buyer interest was robust, ownership required a specific price point to execute a planned out-of-state investment.
Strategy
Matthews™ agents David Caba and DJ Johnston launched a focused marketing campaign supported by a comprehensive offering memorandum that clearly highlighted the property’s mixed-use fundamentals, neighborhood demand, and upside potential. Within the first three weeks of marketing, Caba and Johnston generated 15 qualified offers and structured a competitive bidding environment.
Rather than simply selecting the highest initial bid, they carefully vetted buyers based on pricing, financial strength, experience with mixed-use assets, and demonstrated ability to close. This approach preserved leverage for the seller while pushing buyers to sharpen their terms and increase pricing.
Result
Caba and Johnston’s competitive process drove the final sale price $180,000 above the next closest offer, exceeding initial expectations and fully aligning with the seller’s objectives. The selected buyer met the seller’s pricing requirements and provided certainty of execution, allowing the client to confidently redeploy capital into investments in another state. Matthews™ delivered both maximum value and timely execution for the seller in the smooth closing of this transaction.
Apartments
