Limestone Realty — headed by broker/owner Saber Mostafa — transacted a
record sale in September 2018.
196 Prospect Park West was the highest-recorded real estate sale in that area
in 2018, at $10,850,000. In addition, that was the largest single sale the
brokerage had completed to date.
“It was a first for us,” Saber says. “We all rolled up our sleeves and gave it our
full attention. We were on it.”
The team had already been transacting rentals in the building when the
property’s owners decided to sell. Limestone’s ability to fill vacant apartments
and willingness to build a long-lasting relationship with the landlords had led
to an exclusive agent agreement.
The sellers — a team of real-estate-savvy lawyers — were not in a hurry to sell,
but appreciated Limestone’s useful advice on price point and the easy access
to Saber (the brokerage owner) for direct answers and service. The buyers
were also a team of seasoned investors who simply loved the building and
wanted to add it to their $750 million portfolio. Since the purchase, the buyers
added upgrades and raised rents.
“We have done two or three deals since then on that level,” Saber says, “so
now we know how to approach it. Our confidence level is now much higher.”
Saber’s advice to owners looking to sell at a good price: patience.
“You have to be patient to wait for that one person who is willing to pay your
price,” he says.
Although the investment market faces new challenges due to rent stabilization
laws, Saber likes to think that it’s always a good time to consider selling. As
well, more independent brokers are reaching out to Limestone to help them
with their sales, mostly due to the success of the Prospect Park West
In 2019 and into 2020, Limestone Realty continues its commitment to
community service, with involvement in and support of CHiPs and Camp
Friendship. You may have also seen the Limestone team on a recent episode of
Million Dollar Listing, regarding a sale at 838 Carroll Street.
Saber and his Limestone Realty team wants to thank all the clients who
trusted them with their listings and professional advice, wishing them a very
happy holiday season and healthy, prosperous new year.