BROOKLYN, NY– Marcus & Millichap Real EstateServices, the nation’s largest real estate investment services firm, has announced the sale of 693 Madison Street, a 9,036 square-foot 8-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,725,000 which represented approximately $215,000 per unit and $190 per square foot.
Dan Greenblatt, Shaun Riney and Derek Bestreich,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 fund manager, was secured and represented by Bestreich, Greenblatt and Riney.
According to Mr. Riney, “693 Madison Street reflected a price point of over 12 times the rent roll, $215,000 per unit and a solid 6 percent cap rate which are aggressive metrics that have never been achieved for a multi-family apartment building in this eastern sub-section of Bedford-Stuyvesant. It was a goodfor both parties.”