Case Study: 150 E 85th St.

Client Brief

Our client hired us to sell his high-floor studio condominium with a balcony in the coveted Upper East Side neighborhood. Having already vacated the apartment, the seller had rented it out to a long-term tenant. As a seller, his main priority was to receive the highest and best offer for his property. He also preferred to find a buyer who would allow the tenant to continue residing in the apartment.

Client Solutions

The Williams Team was tasked with selling his studio apartment. We immediately engaged with the tenant, discussing the seller’s desire to keep them in the apartment. We also prepared the tenant for the possibility of moving if a buyer required it. The tenant’s cooperation, including maintaining the apartment for showings and providing us with extensive access, was instrumental in the selling process.

Additional Details

After listing the property, we received three serious offers. One of the offers was from a potential buyer who was looking to move into the apartment themselves. This full-price offer came from a first-time buyer with an impressive 30% down payment, making them highly qualified to purchase the property.

The second offer was well below the initial asking price. This prospective buyer was an investor. Despite the all-cash offer, it was still below the seller’s comfort level. However, this buyer was open to allowing the tenant to continue residing in the apartment.

The third offer, from an investor, was also all cash. While this offer was below the asking price, however, it fell within the range the seller considered reasonable.

Conclusion

A Best and Final round was conducted. All three buyers submitted their final offers. The seller chose the investor with the lowest initial bid. By leveraging the ongoing rental income and the tenant’s cooperative attitude, we negotiated a selling price just 3% lower than the asking price. This outcome, which met the seller’s financial goals and preference for the tenant to stay, was a testament to the successful negotiation efforts of The Williams Team. The seller was pleased with the outcome and the closing went very smoothly.