Lundberg and Riney of Marcus & Millichap Real Estate complete $2.505 million sale of 1402-1408 Putnam Avenue

Marcus & Millichap Real Estate Investment Services has completed the sale of 1402-1408 Putnam Ave., four six-unit apartment buildings, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset commanded a sales price of $2.505 million which represented $105,000 per unit and $133.33 per s/f. Erik Lundberg, an investment specialist at Marcus & Millichap, 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 Shaun Riney, also an investment specialist at Marcus & Millichap. "The sale of 1402-1408 Putnam Ave. is one of the largest multifamily transactions in the recent past for the Bushwick area. We were able to successfully market the deal and achieve a sale price above the original asking price through our exceptionally efficient marketing platform," said Lundberg. With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.