Marcus & Millichap arrange the sale of 157-159 Wythe Avenue for $8 million

Brooklyn, NY Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the United States and Canada, arranged the sale of 157-159 Wythe Ave., a 3,000 s/f parcel of land, according to J.D. Parker, regional manager of the firm’s Manhattan office. The asset sold for $8 million. Peter Von Der Ahe, Joseph Koicim of the Manhattan office aside Shaun Riney, Michael Salvatico and James Saros, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Von Der Ahe, Koicim, Riney, Salvatico, and Saros. 157-159 Wythe Ave. is located in the Northside of Williamsburg. The lot offers 50 feet of frontage and offers an allowable FAR of 2.7, which allows for a developable area of 8,100 s/f. Current zoning regulations permit commercial use of 6,000 s/f within the redeveloped space. “We are strong believers that Wythe Avenue will rival some of the most sought after retail in the city and we look forward to seeing the buyer’s vision materialized,” said Riney. “Nearly $1,000/ buildable square foot further demonstrates Williamsburg as being a Class A retail market in NYC. The purchasers saw an opportunity to capitalize on the rare opportunity to acquire a property with 50 feet of frontage. Our client took advantage of the historically strong market and will be enjoying a very comfortable and fulfilling retirement. It was very satisfying getting our sellers across the finish line,” said Saros.