I am writing as a 50% co-executor of the Plummer Estate, which includes two real estate properties located in Brooklyn, New York:
• 4309 Avenue I, Brooklyn, NY 11210 (valued at $800,000)
• 809 Greene Avenue, Brooklyn, NY (valued at $1,395,000, currently generating rental income of $5,500 per month)
The estate currently holds no liquid cash assets, and both properties have existing mortgages and liens which are split equally between myself and my co-executor (my brother). I am seeking financing to facilitate the buyout of my brother’s 50% ownership share in both properties, settle outstanding mortgage balances, and cover legal fees related to the estate administration.
My proposed payment plan includes an upfront payment of $400,000 to my co-executor, with the remaining balance to be paid over 24 months in quarterly installments. The quarterly payments will commence three months following the initial payment and continue on the payment anniversary dates thereafter. The 809 Greene Avenue property is currently rented, providing $5,500 in monthly income, while I plan to rent out 4309 Avenue I to generate additional cash flow. Rental income will be used to support the payment schedule and ongoing property expenses.
