News:
Brokerage
Posted: June 24, 2013
Fotis, Apostolidis, Golub and Aaron of Marcus & Millichap broker $3.2 million sale
Marcus & Millichap Real Estate Investment Services has completed the sale of 3124 32nd St., a 17-unit apartment building, according to J.D. Parker, first vice president - regional manager of the firm's Manhattan office. The asset commanded a sales price of $3.2 million.
Matthew Fotis, vice president of investments, Lazarus Apostolidis, an investment associate, and Zachary Golub, an investment associate in Marcus & Millichap's Manhattan office, 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 Fotis, Apostolidis, Golub and Robert Aaron also an investment associate in Marcus & Millichap's Manhattan office.
The property is located at 3124 32nd St. "Within about three weeks, we were able to generate 17 competitive offers in writing which enabled the seller to sign a completely non-contingent contract, with a buyer from Manhattan, with a 1031 exchange," said Apostolidis. "In 2011 we sold a two building 34-unit package on the same block for approximately $4.5 million total. Today, we sold one 17- unit building for $3.2 million."
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
