Marcus & Millichap Arranges The Sale Of A 7-Unit Apartment Building
BROOKLYN, NY, August 28, 2013– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 361 7th Street, a 7-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $2,650,000 which represented approximately $330 per square foot.
Jakub Nowak, an investment specialistin Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was secured and represented by Nowak.
According to Mr. Nowak, “the property, having a number of vacancies and an extremely low rent-roll, presented prospective buyers with a unique value-add opportunity. The sale of this asset at a 2.35% CAP rate on current income demonstrates the ongoing, aggressive demand for these kinds of opportunities in prime parts of Brownstone Brooklyn.”
Press Contact: John Horowitz
Regional Manager, Brooklyn
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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.