How would you guys sell a ~10mm development site in NYC?
I have a friend who's a broker who got a 10 unit building listing that can be used as a development site in the NYC area. He offered to pay me if I can help sell it.
How would you guys sell and market this?
I know how to sell multi-million dollar enterprise software packages but i'm not too sure on this...would you load up a list of REPE firms and hoteliers and start emailing all of them? Maybe hotel franchise acquisition departments?
Knowing the right people helps, the right people knowing you helps even more.
Apart from the fact that such an arrangement might very well be illegal...what's the point of your friend being a broker if he doesn't know how to sell his own listings? Seems kind of strange for a broker to ask someone without any industry experience to assist him, no?
Stepping away from the aforementioned comments...you would be better off...in my opinion...to target developers and not REPE groups. So...depending on what type of development (from an asset class standpoint) seems to be the highest and best use of the site...look up the top players within that particular asset and reach out to a person(s) with a title of VP of Development or something comparable.
Of course...if you already have some existing REPE contacts...there's no harm in contacting those folks.
In general...efforts to successfully market a property include having a property prospectus of sorts with information on the market...including comps...market demand...various pics...parcel map...survey...and zoning/entitlement information.
I have my brokers license as well in NYC..so any split he pays me is 100% legal, though I mainly sell enterprise software. He's used to selling residential, and the commission is six figs, so of course he's reaching out to his contacts to help sell it.
Just not too familiar with trying to unload a development site....I have a family friend in IB RE in NYC I'll email. Thanks for the info.
You have your brokers license or sales associates license? Because for a brokers you need like 5 years of experience which would make me think you already know the answer to your post.
Gotcha. Good luck.
You know...if you throw out some more info in a post on here...you might get some bites.
To echo @differentialequations12", finding a template of a professional looking OM and filling it in well with market information, comps, professional pictures of the property, and other relevant information will go a long way. When an institution finds out that they are dealing with an individual rather than an institution, they automatically discount their offer, even if it's subconscious. They feel they have more power when they're negotiating with Joe Schmo Investments, LLC., and rightfully so. Best of luck, stay out of legal trouble.
PM me I could be interested
Here is a brief of the property as someone above has recommended. Please message me if you would like the full marketing docs and I can send them over.
Appreciate everyone who gave advice on who contact people as well.
Thanks
Williamsburg -- Mixed use ~8,700 sq ft w/ ~10 units I believe and 2 retail spaces (Currently liquor store and barber shop) Approx 2,200 sq ft lot. R-7A and C2-2 Zoning Right on top of subway station for G/L lines.
Wow. Interesting that a lot that small has split zoning.
Just as a heads up...you'll likely get asked if/how the existing leases (liquor store and barber shop) can be terminated. You'll want to make sure you know how to respond.
Good luck.
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