Boukhalfa from Marcus & Millichap arranges the sale of East Williamsburg mixed-use building for $1.7 million

Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has announced the sale of 251 Bushwick Avenue, a 6,350 s/f mixed-use property, according to J.D. Parker, regional manager of the firm's Manhattan office. The asset sold for $1.7 million. Said Boukhalfa, from Marcus & Millichap's Manhattan office secured and represented the buyer, an out-of-state developer. "This section of East Williamsburg historically has very low velocity. Although, a growing number of renters venture to this location due to its Montrose L Subway stop and relatively better rent deals compared to Williamsburg or Greenpoint," said Boukhalfa. The seven-unit mixed-use property is located in the East Williamsburg section of Brooklyn, N.Y. Erected in 1920, the entire building went under complete renovation in 1988. New plumbing, electric, floors, walls and appliances were installed. The property has access to public transportation and is an ideal location for Manhattan commuters. "The seller had to produce a letter of no objection from the Department of Buildings since the property was erected prior to the commencement of Certificates of Occupancy issuance. This delayed the all-cash closing. The current owners plan to find a new tenant for the almost 2000 square-foot retail-unit which was used by the former owner."