Press Release brought to you by Marcus & Millichap

Marcus & Millichap Arranges the Sale of a 25-Unit Apartment Building

01/24/2014

BROOKLYN, NY, January 24, 2014– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 324 East 31st Street, a 25-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $3,300,000 which represented approximately $158 per square foot.

Lucien Sproviero and Derek Bestreich, from Marcus & Millichap’s Brooklyn office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a REIT, was secured and represented by Bestreich and Sproviero.

“At 10 times the rent roll, $132,000 per unit and $158 per square foot this sale sets a price record for a Flatbush walkup rent stabilized property,” says Bestreich.

Press Contact: John Horowitz

Regional Manager, Brooklyn

(718) 475-4300

www.MarcusMillichap.com

01/24/2014 - 13:02

Source

Marcus & Millichap

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