Fund Manager Takes Brooklyn Apartment Building for Nearly $1M

NEW YORK—A fund manager has acquired 597 Park Place, an eight-unit apartment building located in Brooklyn for $990,000.

Shaun Riney, an investment specialist in Marcus & Millichap’s Brooklyn office, and Matthew Fotis, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured and represented by Riney and Fotis.

The sales price represents approximately $123,750 per unit and $165 per sq. ft.

“The property sold for over 11 times the rent roll which is testament to the strength of multifamily assets in the current market,” said Riney.