Marcus & Millichap Arranges the Sale of a 8-Unit Apartment Building
BROOKLYN, NY, January 24, 2014– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 934 Sterling Place, 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 $2,050,000 which represented approximately $273 per square foot.
Shaun Riney and Derek Bestreich, 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 fund manager, was secured and represented by Bestreich and Riney.
“The 934 Sterling Place sale marks the fourth property we have sold on this particular block over the previous two years, each subsequent sale setting a significantly higher price point for the area. The sale was consummated over a short 10 day marketing period with a buyer that closed all-cash at a price point our seller was extremely satisfied with,” says Riney.
“This architecturally significant property offered rare front and back box style units and preferential below market rents offering immediate upside,” adds Bestreich.
Press Contact: John Horowitz
Regional Manager, Brooklyn