Creative paperwork clears way for sale.

A creative marketing solution developed by Kalmon Dolgin Affiliates broker, Gary Mayzlin, has resulted in the successful sale of a former paper factory in the Rosebank section of Staten Island to two separate buyers after over two years on the market with other brokers.

The property at 330 Tompkins Avenue in Staten Island, a 250,000 s/ft, seven-story industrial building on a 7.5 acre lot, had languished on the market with an asking price of $8 million with owners, Alan and Joan Elenson of Paige Ill LLC, frustrated..

After studying the zoning maps and the value of vacant land for development in the area, Mayzlin determined that the property was more valuable if broken into two parcels.

With two parcels to sell --a 250,000 s/f industrial building with ample parking and 5.5 acres of land for residential development --Mayzlin was able to secure separate buyers, subject to the final apportionment of each tax lot. Longtime client American Self Storage acquired the building for $5.1 million.

Mayzlin received multiple bids from local developers on the vacant land. The seller ultimately received $6 million for the property.

While it took nearly 18 months for approvals from the Cityto sub-divide the property, the sellers ultimately received a total of $11.1 million.