Press Release brought to you by Marcus & Millichap

Marcus & Millichap Arranges the Sale of a 11-Unit Apartment Building

01/21/2014

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

(718) 475-4300

www.MarcusMillichap.com

01/21/2014 - 12:27

Source

Marcus & Millichap

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