Riney, Salvatico, Saros and Fotis of Marcus & Millichap complete $17.5 million sale of 68 Richardson Street

Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the U.S. and Canada, arranged the sale of 68 Richardson St., a 25-unit, 32,500 s/f elevator building in the North Williamsburg area of the borough. The $17.5 million sale price equates to $700,000 per unit. Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap's Brooklyn office, along with Matthew Fotis in the firm's Manhattan office, represented the seller. Riney, Salvatico and Saros represented the buyer. The 68 Richardson St. building has 24 loft-style apartments and one commercial space. "The seller believed this was an opportunistic time in the cycle to exit," said Riney. "The property was sold at a low cap rate on market rents after an intense marketing campaign that attracted interest from all over the country." The building is a short walk from McCarren Park and near the Bedford Ave. "L subway station. "The sale is symbolic of North Williamsburg's rise as one of New York City's top-tier neighborhoods," said Salvatico. "The metrics of the transaction solidify the fact that the neighborhood is now able to attain pricing on par with many of the best locations in Manhattan. Our marketing process generated 15 offers and the resulting competition resulted in an excellent price per unit and a 4.3 percent cap-rate."