Sale not on Acris

[jumbledup]

Hey all in my search for sales comps I found an article about a sale that when looking up the property in Acris the transaction is not listed there. Can I use the sale just based on the article?
http://commercialobserver.com/2013/07/williamsburg-mixed-use-property-sells-for-28-75-million/

 

[Tony V]

The date on the article is 7/11/2013....

if you cannot find the transfer in some "normal" verification service I would not be trusting it. Make some calls to those involved if you like.

per the article...
Silverstone and Adam America modified the plans of previous ownership for a 24-unit condo and completed the construction of a 28-unit luxury rental project in 2012. In addition to the residential units, the development includes 4,000 square feet of retail space on the ground floor and 14 off-street parking.

You must have some assignment there...

I will say that on the east end I have found articlues that were wrong...big time...such as..
50 Hither Lane, East Hampton

see link to it on the article and then the comments section of the 1st page..

http://hamptons.curbed.com/archives/2013/12/31/curbed_awards_the_biggest_discounts_of_2013.php

 

[jumbledup]

The seller's website says the property sold in June 2013 http://adamamericare.com/project/65-north-6-street-williamsburg-brooklyn-ny

 

[Tony V]

The seller's website says the property sold in June 2013 [url]http://adamamericare.com/project/65-north-6-street-williamsburg-brooklyn-ny[/URL]

From the link...

65 North 6 Street, Williamsburg, Brooklyn, NY

Adam America developed the mixed-use property after purchasing the stalled development site from its prior owner. 65-69 North 6th Street is comprised of 28 luxury rental apartments and 4,000 square feet of ground-floor retail space, and offers 14 off-street parking spaces. Adam America reworked the previous owner’s plans for a 24-unit condo, re-configuring the project as a 28-unit luxury rental building with a significant retail component. Construction work commenced in August 2011, and by September 2012 construction was completed and the property was fully leased. The leasing campaign was extraordinarily successful, with 50% of the apartment units rented in a single day and 100% rented within 30 days of the building’s opening. At the time 65-69 North 6th Street achieved the highest residential rents (over $65 per square foot) in the Williamsburg market. Following a full refinance of the equity investment in October 2012 and successful few months of operation, the property was sold in June 2013, generating a tremendous return to AARE investors.


I don't see a sales price there, do you? Seems to me that you are pushing to use this sale without verification from a regular source..


If you were "called out"" on the use of this sale how would you defend it? So far all I have seen is an article in a journal and an advertisement (which doesn't even mention the sales price).

 

[jumbledup]

I'm not pushing it, its just a good comp so I want to be sure its unusable before I trash it. This is the first time I've come across a situation like this.

 

[Tony V]

print it out (Both Articles) write several comments on the copy saying that sale could not be verified and what steps you took to attempt to verify it. Then put it in your file so you have access to it if the client asks about it...

 

[jumbledup]

Thank you Tony

 

[Tony V]

Just think these types of thing out and you will find it...

 

[The Warrior Monk]

I will say that on the east end I have found articlues that were wrong...big time...such as..
50 Hither Lane, East Hampton

That's what happens when sales aren't verified. The property did sell, but with the abutting property.

Some of the other sales are amusing also. 39 Fairfield Pond selling at a discount? Well, it sold for $2,000,000 more that it did 2008. That's a profit in my book, not a discount.

 

[The Warrior Monk]

I'm not familiar with Acris. If the property has transferred, 99.9% of the time there is a recorded deed. When I have trouble verifying something in my market area, I head to the County Clerk's to view the deed in person.