In September 2009, Awaye Realty Management, LLC took over the management of two 18-unit buildings at 427 and 433 Dean Street. At the time, rents were at a minimum and credit-worthy tenants were unknown to the building.
In November 2012, the buildings were sold for a record price of $8.7 million. This can be directly attributed to the management techniques of Awaye Realty Management, and the leasing procedures of Awaye Realty. Together, we substantially increased the value of the buildings for both the landlord and the tenants.
Awaye Realty Management was responsible for not only maintaining the properties, but for giving them a facelift, as well. We encouraged renovations of all apartments that became vacant. Units were cleaned, painted, and equipped with top-of-the-line appliances and finishes. This created a wealth of Park Slope rental units that are on par or beyond anything else on the market in the neighborhood. Naturally, this was reflected by a much higher rent roll.
Awaye Realty was able to successfully market vacant units, and fill the buildings with qualified, quality tenants. We reduced apartment vacancies, eliminated rent loss, drove additional creditworthy renters to the buildings, expedited leases, and removed financial and credit risks on new tenants.
427-433 Dean Street has been acquired by an investment firm that pored over the numbers for months prior to making their purchase. Awaye Realty facilitated the sale, and we are proud to say that all parties walked away happy.