Marcus & Millichap
Queens, NY According to John Horowitz, first vice president – regional manager of Marcus & Millichap’s Brooklyn office, the firm has brokered three sales totaling $7.905 million.
The first deal was the $3.45 million sale of Putnam - Cornelia Package, two six-unit apartment buildings located at 1868 Putnam Ave. and 1862 Cornelia St. in Flushing. Shaun Riney, Thomas Shihadeh and Andrew Reiter, of 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.
The $1.155 million sale of 2417 Ave. U, a 2,821 s/f mixed-use property John Brennan and Victor Holguin of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by the team.
The $3.3 million sale of 283-285 Evergreen Ave., an eight-unit apartment property in Brooklyn. Riney, Daniel Greenblatt and Shihadeh of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by the team.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,