Nowak, Ronsenweig, Barbartsis-Savidis and Barbartis of Marcus & Millichap complete $1.875 million sale of retail property

December 22, 2015 - New York City
1602 Gravesend Neck Road - Brooklyn, NY 1602 Gravesend Neck Road - Brooklyn, NY

Brooklyn, NY Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has completed  the sale of 1602 Gravesend Neck Rd., a 5,027 s/f retail property, according to John Horowitz, vice president - regional manager of the firm’s Brooklyn office. The asset sold for $1.875 million.

Jakub Nowak, Matt Rosenzweig, Maria Barbatsis-Savidis and Bobby Barbatsis from Marcus & Millichap’s Brooklyn office, exclusively represented the seller, a REIT and the buyer, a private investor.

“There is a huge demand for straight retail deals in the southern Brooklyn market, and there is not much out there available for sale. Even though this property is not on the busiest corridor, we were able to procure multiple offers in a short amount of time, and eventually find the perfect buyer who was in a 1031 exchange willing to pay ask price for the building. The sale of this property was a price record for a tertiary retail corridor in the Sheepshead Bay neighborhood,” said Barbatsis-Savidis.

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