Marcus & Millichap broker $7.81 million sale of 71-unit apartment building; Arranged by Von Der Ahe, Edelstein and Glasser

Marcus & Millichap Real Estate Investment Services has brokered the sale of 440-450 Audubon Ave., a 71-unit apartment building, according to J.D. Parker, vice president - regional manager of the firm's Manhattan office. The asset sold for $7.81 million and had a capitalization rate of 4.13%. Peter Von Der Ahe, Scott Edelstein and Seth Glasser, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a local investor with international partners, was secured and also represented by Von Der Ahe, Edelstein and Glasser. The property is a mixed use building, totaling 66,240 s/f. The seller of the property is located in California and was not directly managing the building for some time. "Marcus & Millichap was able to negotiate a closing minutes before the scheduled foreclosure auction. We were able to achieve an above market price under a distressed situation," said Glasser.