Marcus & Millichap Arranges the Sale of a 4,864 Square-Foot Mixed-Use Building
BROOKLYN, NY, January 23, 2014– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 567 Vanderbilt Avenue, a 4,864 square-foot mixed-use property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $2,600,000 which represented approximately $535 per square foot.
Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office had the exclusive listing to market the property on behalf of the seller, a limited liability company.The buyer, a limited liability company, was secured and represented by Bestreich and Riney.
“The property is situated in prime Prospect Heights across the street from Atlantic Yards. The property offered four free market apartments, three rent stabilized apartments and a 450 square foot store front,” says Bestreich.
“This was our second sale of the property located at 567 Vanderbilt Avenue (originally sold in 2011 by Marcus and Millichap for $1,300,000 which was $50,000 above asking price at the time). Substantial upgrades were made and given market conditions, the seller decided to capitalize the asset through a sale as opposed to a refinance,” added Riney.
Press Contact: John Horowitz
Regional Manager, Brooklyn