BROOKLYN, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 5605 4th Avenue, a 16-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,450,000 which represented approximately $166 per square foot.
Erik Lundberg and John Brennan, 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 private investor, was secured and represented by Brennan and Lundberg.
According to Mr. Brennan, “we contacted an out-of state owner who was on the verge of underselling the property in a non-brokered transaction. We immediately provided the owner with an analysis that reflected current market conditions, and were hired to exclusively market the property. After a highly targeted marketing period, we were able to generate 14 offers in writing and sold the property for $150,000 above the asking price.”
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.