Brooklyn, NY According to John Horowitz, first VP - regional manager of Marcus & Millichap, the firm has completed two sales totaling $3.29 million.
The first sale was of 230 Saratoga Ave., a 3,361 s/f mixed-use property.The asset sold for $1.09 million.
Shaun Riney and Daniel Greenblatt, investment specialists in Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a LLC. The buyer, a private investor, was also secured and represented by the team.
The second sale was of 518 46th St., a nine-unit apartment. The asset sold for $2.2 million.
Riney, John Brennan, Mark Zarrella and Adis Muminovic, investment specialists 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 also secured and represented by the team.
“518 46th St. trading at a 4.5% cap rate and over $300 per s/f shows that interest still remains for purely rent-stabilized apartment buildings in NYC, even with rent law changes looming in June 2019. The property was sold fully occupied to a 1031 exchange buyer who intends to hold this building for the long term,” said Brennan.