Delany of Marcus & Millichap completes $750,000 sale; 8-unit apartment building located at 27 Pelton Street

Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment service firms, arranged the sale of 27 Pelton St., an 8-unit apartment property, according to J.D. Parker, first vice present - regional manager of the firm's Manhattan office. The asset sold for $750,000. Harry Delany, senior associate, in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a large banking intuition. The buyer, a private investor, was also secured and represented by Delany. 27 Pelton St. is located between Van Cortland Park Ave. and McLean Ave. "This transaction demonstrates a resurgent buyer demand for realistically priced multifamily assets of all sizes," said Delany. "The property generated over a dozen written offers from qualified investors during a short marketing period. A shortage of quality alternative inventory, combined with a competitive environment, yielded a good market price for the seller and a quality investment with good returns for the buyer."