Richards and Felson of Marcus & Millichap sells 5,675 s/f mixed-use building-489 Fairview Ave.

Marcus & Millichap Real Estate Investment Services has completed the sale of 489 Fairview Ave., a 5,675 s/f mixed-use property located in the Ridgewood neighborhood, according to J.D Parker, regional manager of the firm's Brooklyn office. The property consists of four apartments and one retail store. The asset commanded a sales price of $890,000 which amounts to $157 per s/f. Nick Richards and Zachary Felson, investment specialists in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, private investor. The buyer, a private investor, was secured and represented by Richards and Felson. "Due to our marketing efforts and the creation of competition between buyers, we were able to achieve a sales price that is well above market," said Richards.