SOLD: Single Estate to Subdivision

SOLD

Single Estate
to Subdivision

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The owners of this property had lived on this property for 45 years.  They were elderly and time was of the essence.  The house and property were not in the best of conditions.  2.88 acres in a 1-acre zone in a private association near Town made this a jewel-in-the rough after the property sat overpriced with another agency on the market for more than 3 years.

The challenge: Demonstrate the likely possibility of a two-property subdivision to builders without entering a lengthy approval process and/or find an end-user willing to pay for the structure as part of a future gut renovation.

My solution:  A Letter of Commitment from a Title Company to insure the right and reality of a subdivision.  The process was a bit technical but by assembling the right professionals we were successful in less than a month instead of a likely 9-12 month application.

The property sold to an end-user who is spending months and considerable effort to renovate and upgrade house and property to today’s lifestyle.

It is with great sadness that I note the passing of Peter Pattison just a few short months after this transaction.  Peter was widely known as a prominent, independent real estate professional in the tough commercial New York City real estate market. I will cherish our side bar conversations about the fine points of real estate deals forever.