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."