Marcus & Millichap Arranges the Sale of a 8-Unit Apartment 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 149 Driggs Avenue, a 8-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,800,000 which represented approximately $327 per square foot.
Shaun Riney, Jim Saros and Michael Salvatico 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 Salvatico, Riney and Saros.
“This was the first sale of the property in over 50 years. We achieved nearly 16 times the rent roll for a fully rent stabilized frame apartment building in an eastern Greenpoint location. The demand for rent stabilized multi-family is insatiable and cap rates are now hovering around 4 percent,” says Riney.
Press Contact: John Horowitz
Regional Manager, Brooklyn