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A blog for breaking sales and neighborhood real estate news.

His selling point was simple: “Take this property, turn it into a Class A property by way of a rental or by way of a condo,” said Mr. Palmese.

Aided by low interest rates and flush with cash, developer Doug Steiner of Steiner Studios closed on the 60-unit property for $24.5 million in May.

“This was a very rare property in that everyone is looking for a conversion or a vacant building,” said Mr. Palmese.

His intimate knowledge of the market has helped position him as one of the most prolific brokers in Brooklyn. Of the $1.5 billion in building sales in Brooklyn recorded in the first half of 2012, Mr. Palmese and his team of three full-time salesmen have accounted for approximately 8 percent.
He sold 313 Gold Street for $19 million, 109 Gold Street for $14.5 million and 131-137 Emerson Place for $13 million, among several of his most notable deals so far in 2012.

What’s attracting buyers to Brooklyn is...

Click here for the Commercial Observer article

Neighborhoods: Bay Ridge, Downtown Brooklyn/ Agents: Stephen Palmese