Marcus & Millichap Arranges the Sale of a 4,900 Square-Foot Mixed-Use Building
BROOKLYN, NY, January 20, 2014– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 296 Kings Highway, a 4,900 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 $1,100,000 which represented approximately $224 per square foot.
Mark Lu, Maria Barbatsis, and Eric Lundberg 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 private investor, was secured and represented by Lu, Barbatsis and Lundberg.
“We were able to procure a significant number of offers due to the building’s great location and vacant storefront. There is a huge lack of supply for the demand that is out there for similar type buildings in the southern Brooklyn market, and it was no surprise that we generated a huge amount of activity and ultimately found a buyer that was willing to pay the market value price in just a few short weeks of marketing,” says Barbatsis.
Press Contact: John Horowitz
Regional Manager, Brooklyn