Brooklyn, NY Marcus & Millichap has completed the sale of 820-836 Glenmore Ave., a 15,000 s/f net-leased property, according to John Horowitz, VP - regional manager of the firm’s Brooklyn office. The asset sold for $2.925 million.
Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap, 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 the team.
“The sale of this property represents an absolute price record on a price per buildable square foot for a development site of this size in this neighborhood. Our ability to present East New York as a market poised for growth, along with our ability to generate competition among bidders, ultimately resulted in a market-setting price with a buyer who offered the seller an extended closing time frame to complete a 1031 exchange,” said Brennan.