Marcus & Millichap Arranges the Sale of a 6-Unit Apartment Building
BROOKLYN, NY, August 26, 2013– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 115 Powers Street, a 6-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,500,000 which represented approximately $363 per square foot.
Shaun Riney, Michael Salvatico and Jim Saros, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor.The buyer, a fund manager, was secured and represented by Salvatico, Riney and Saros.
According to Mr. Saros, “This transaction represents the strength of the current market in Williamsburg. Our seller received a record setting price for a six family frame building. The buyer acquired an asset with a strong cash flow from day one with a great deal of upside in a phenomenal location that will continue to improve.”
Press Contact: John Horowitz
Regional Manager, Brooklyn
# # #
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.