UPDATED, Oct. 25, 4:55 p.m.: It’s harder than ever to find bargains in Brooklyn’s property market, but bankruptcy auctions may be the exception. That, at least, is Urban Standard Capital’s hope.
The investment firm paid close to $5 million for a three-story apartment-and-retail building at 320 Court Street last year after owner James McGown, dubbed the Bankruptcy King, lived up to his nickname.
Urban Standard’s Seth Weissman said it helped to have enough cash on hand.
“In a bankruptcy, you have to close in 30 days — that basically eliminates 95 percent of the marketplace and creates a niche for us,” he said.
Now the investor put the Carroll Gardens property on the market through brokerage TerraCRG for $7.8 million, or more than 50 percent more than what it paid for it. [Crain’s] — Konrad Putzier
Correction: Urban Standard bought the building last year, not last month.