Marcus & Millichap Arranges the Sale of a 11-Unit Apartment Building
BROOKLYN, NY, January 21, 2014– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 281 Clifton Place, a 11-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $2,300,000 which represented approximately $208 per square foot.
Shaun Riney and Dan Greenblatt from Marcus & Millichap’s Brooklyn office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.The buyer, a private investor, was secured and represented by Riney and Greenblatt.
“Our challenge with Clifton Place was to deliver a top-of-the-market price for our client while navigating the complexities of HPD regulatory agreements. It is a different buyer pool than most deals but we were able to identify the right purchaser and close the deal at 12.5 times the income and a sub 6 percent cap rate,” says Riney.
Press Contact: John Horowitz
Regional Manager, Brooklyn