Fotis and Riney of Marcus & Millichap arrange $1.22 million Brooklyn sale

Marcus & Millichap Real Estate Investment Services has completed the sale of 5122 Snyder Ave., a 16-unit apartment building, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $1.22 million, which represented $92.42 per s/f, a 6.86 gross rent multiplier and a 6.85% capitalization rate. Matthew Fotis, an investment specialist in Marcus & Millichap's Manhattan office, and Shaun Riney, an investment specialist in Marcus & Millichap's Brooklyn office, 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 and Riney. "This sale is indicative of the current state of the real esatate marke in Brooklyn. The surging demand for quality multifamily assets combined with the convergence of low interest rates has created record prices for sellers," said Riney.