Marcus & Millichap arrange $2.65 million sale; Nowak reps the buyer and seller

Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment service firms, has arranged the sale of 361 7th Street, a 7-unit apartment property, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $2.65 million which represented $330 per s/f. Jakub Nowak, an investment specialist in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was secured and represented by Nowak. Nowak said, "The property, having a number of vacancies and an extremely low rent-roll, presented prospective buyers with a unique value-add opportunity. The sale of this asset at a 2.35% CAP rate on current income demonstrates the ongoing, aggressive demand for these kinds of opportunities in prime parts of Brownstone Brooklyn."

Tags: Brokerage

Reprint

Previous Story Next Story

NAI Long Island achieves 100% occupancy at two Suffolk County office assets

Hauppauge, NY NAI Long Island, an affiliate of NAI Global, has achieved 100% occupancy at two Suffolk County office properties, totaling 50,689 s/f. These exclusive landlord leasing assignments involved 207

Highcap Group sells parking lot across Queens County Court House

Adler of Rand Commercial brokers $9.5 million sale of Yonkers development site

Adler of Rand Comm'l. brokers $9.5m sale of Yonkers dev. site

After the lease is signed: What New York City’s office moves reveal about the changing workplace - by Maya Z.

Staats of Katz signs Uptown Cheapskate to first New Jersey location

Staats of Katz signs Uptown Cheapskate to first NJ location

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Finance

Arrow Real Estate Advisors arranges $85 million construction loan for 222-unit luxury condominium development in Miami Beach

Columns and Thought Leadership

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.