Bestreich, Sproviero, and Lobel of Marcus & Millichap secure $3.9 million

BROOKLYN, NY Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the U.S. and Canada, arranged the sale of 608 5th St., a 7-unit apartment property, according to John Horowitz, vice president-regional manager of the firm’s Brooklyn office. The asset sold for $3.9 million. Derek Bestreich, Lucien Sproviero, and Adam Lobel from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by the team. “Located on a Prospect Park brownstone tree lined block and nicknamed the ‘Carmel Castle,’ the property is one of the most architecturally beautiful apartment buildings in Brooklyn, offering multiple bay windows, numerous private outdoor decks, wrap-around garden space and a private garage,” said Bestreich. “Like every owner, the seller was receiving unsolicited offers below market value. Luckily, we were able to meet with him before the asset was drastically undersold. We achieved 20% more than their highest offer, which had fallen through. The buyer intends to renovate and modernize the property,” said Lobel.