Invictus Property Advisors is pleased to announce the closing of 140 Richardson Street, a vacant five-family property in Williamsburg, Brooklyn. The property sold for $2,200,000, equating to approximately $630 per square foot.
The building had experienced a fire in 2005, after which ownership pulled an Alt-1 and completed a full reconstruction through substantial rehabilitation. At the time, the legal standard presumed that if a building was vacant and 75% or more of the building systems were upgraded, it qualified for deregulation. However, recent changes to the law now require an Order and Determination from DHCR, which has made many buyers hesitant.
Our team undertook a comprehensive diligence process — reviewing all documentation, identifying displaced tenants, and even tracking down the original contractor from over 20 years ago to obtain additional support. With an application to DHCR already pending, we successfully identified a buyer who was comfortable closing with the application in place.
The process generated strong interest, with more than 30 competitive offers from a range of investors and developers. We ultimately secured a purchaser with the experience and confidence to navigate the building’s rent-stabilized history, ensuring a smooth path to closing.
We congratulate the sellers, who owned this asset for over 40 years, and look forward to continuing to deliver results across Williamsburg and surrounding submarkets.
