Marcus & Millichap sells Queens apartment building for $6,600,000
FOR IMMEDIATE RELEASE
Press Contact: John Horowitz
Regional Manager, Brooklyn
(718) 475-4300MARCUS & MILLICHAP SELLS QUEENS APARTMENT BUILDING FOR $6,600,000
QUEENS,N.Y., July 29, 2013– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 1615 Putnam Avenue, a 36,390 square feet, 48-unit apartment building, located in Ridgewood, Queens, N.Y., according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset commanded a sales price of $6,600,000 which represented approximately $181 per square foot.
Naomi Shu, associate vice president of investments in Marcus & Millichap’s Brooklyn office, represented the seller, a longtime client and represented and secured the cash buyer, a private investor.
According to Ms. Shu, “the seller’s original intention was to buy a property to fulfill his potential 1031 Exchange, but he recognized the true value of his own property, which was higher than what he expected. As the result, the apartment building in 1615 Putnam Avenue sold for $1.8 million dollars more than identical building adjacent next to it back in December 2012.”
Ms. Shu added, “the local market and investors are recognizing the value of buying multifamily buildings and maximizing their potential to profit on residential units, a trend that is becoming more popular with the up and coming boroughs of New York City.”
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With more than 1,200 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 4,302 transactions in 2010, 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.
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