209 Spencer Street – $2,550,000

Guy Saban, an Investment Sales Associate at Berko & Associates, and Lee Silpe, also of Berko & Associates, successfully closed on 209 Spencer Street, Brooklyn, NY for $2.55mm. The building is a vacant 9-story elevator property built in 2008 and in need of major interior renovations. The property was slated for rentals but illegally sold condos once the property was completed. Due to the backlash from the City, the building owner was stripped of his permits and the property was foreclosed on. The new Owner is looking to make the building compliant and complete the necessary rehabbing to rent it out to the quickly gentrifying population in the Bed-Stuy neighborhood of Brooklyn.