Marcus & Millichap Arranges the Sale of a 8-Unit Apartment Building
BROOKLYN, NY, August 1, 2013– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 693 Madison Street, a 9,036 square-foot 8-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,725,000 which represented approximately $215,000 per unit and $190 per square foot.
Dan Greenblatt, Shaun Riney and Derek Bestreich, 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 Bestreich, Greenblatt and Riney.
According to Mr. Riney, “693 Madison Street reflected a price point of over 12 times the rent roll, $215,000 per unit and a solid 6 percent cap rate which are aggressive metrics that have never been achieved for a multi-family apartment building in this eastern sub-section of Bedford-Stuyvesant. It was a good deal for both parties.”
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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.