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