Sproviero and Bestreich of Marcus & Millichap secure $3.375 million sale of apartment property

Marcus & Millichap Real Estate Investment Services, have arranged the sale of 442 Decatur St., a 32 unit apartment property according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $3.375 million. Luke Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap's Brooklyn office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich and Sproviero. "The property was listed for sale the week after Thanksgiving and closed in an all cash transaction valued at 98% of the list price during the week of Christmas. The property was comprised of mostly Section 8 and rent control tenants. In December, as the fiscal cliff loomed, we were extremely pleased to have orchestrated a highly intense and targeted marketing campaign that resulted in such a swift sale without compromising any dollars on property value," said Bestreich.