Fotis of Marcus & Millichap completes $837,500 Brooklyn sale

Marcus & Millichap Real Estate Investment Services has completed the sale of 78 5th Ave., a 4,800 s/f mixed-use property, according to John Horowitz, regional manager of the firm's area office. The asset commanded a sales price of $837,500 a gross rent multiplier of 11.64, and a capitalization rate of 4.77%. Matthew Fotis, an investment specialist at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Fotis. "This is a prime example of a buyer understanding a great location and accepting a below average return from day one. The spring of 2009 was nearly impossible for any broker to consummate a transaction. Through Marcus & Millichap's vast local network of brokers and information sharing environment we were able to generate over 20 offers in writing and sell 78 5th Ave. at a peak price during a very difficult time in the market," said Fotis.