BROOKLYN, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 4907 4thAvenue, a 10,000 square-foot mixed-use property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $2,060,000.
Matthew Rosenzweig and Jakub Nowak, 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 developer, was secured and represented by Nowak and Rosenzweig.
According to Mr. Nowak, “our wide-reaching marketing effort resulted in a number of competitive bids. We were able to leverage these into a completely non-contingent contract with a developer who closed all-cash.”
“The 4th Avenue corridor in Sunset Park is increasingly attractive to developers. At $160 per buildable square foot, this transaction represents a record price for a development property. This pricing is particularly notable in light of the fact that the buyer took title with existing tenants in possession,” adds Rosenzweig.
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.
Press Contact: John Horowitz
Regional Manager, Brooklyn