Lundberg and Riney of Marcus & Millichap arrange $1.225 million sale of nine-unit apartment building

Marcus & Millichap Real Estate Investment Services has brokered the sale of 363 South 4th St., a nine-unit apartment building, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $1.225 million Erik Lundberg and Shaun Riney, investment specialists 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 secured and represented by Lundberg and Riney. Lundberg said, "363 South 4th St. commanded a sale price of over 12 times the gross rental income. We successfully achieved a strong price for a rent stabilized asset freshly released from Section 7A."

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