News: Brokerage

Fotis Group at Marcus & Millichap closes five deals totaling $22.45 million

Matt Fotis

 

Zachary Cohen

 

Chase Midgley

 

New York, NY The Fotis Group at Marcus & Millichap closed five sales totaling $22.45 million:

  • 4502 Queens Blvd., a vacant development site on the corner of Queens Blvd. and 45th St. sold for $11 million. Matt Fotis of The Fotis Group at Marcus & Millichap represented the seller and buyer.
  • 1302 Avenue K, a four-story walk-up apartment building located on the corner of East 13th St. and Avenue K in the Midwood area of Brooklyn sold for $4.2 million. The 36,000 s/f building is comprised of 36 rent-stabilized apartments. Fotis and Zachary Cohen of The Fotis Group at Marcus & Millichap represented the seller and buyer.
  • 209 21st St., a four-story walk-up apartment building in Greenwood Heights, Brooklyn sold for $3.025 million. The building spans 6,400 s/f and contains eight apartments, of which six are renovated and free market. The building features a new intercom system and updated building mechanics. Fotis and Chase Midgley of The Fotis Group at Marcus & Millichap represented the seller and buyer.
  • 441 3rd Ave., a four-story walkup mixed-use building located on the corner of 3rd Ave. and 8th St. in the Gowanus section of Brooklyn sold for $2.8 million. This property features one ground floor retail space, five free-market apartments, and a rear garage with curb cut. The building contains 5,070 s/f. Fotis and Midgley represented the seller and buyer.
  • 4732 48th St., a fully detached three-story multifamily building sold for $1.425 million. The building spans 4,380 s/f and contains six rent-regulated apartments. Fotis represented the seller and buyer.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

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,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

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
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.