Marcus & Millichap brokers three sales totaling $5.4 million

According to J.D. Parker, regional manager of Marcus & Millichap Real Estate Investment Services, the firm has completed three sales totaling $5.4 million. The deals include: * The $1.435 million sale of 87-67 171st St., a 26,000 s/f development site, located in Queens. Matthew Fotis and Lazarus Apostolidis, both from Marcus & Millichap's Manhattan office, 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 Fotis and Apostolidis. The vacant lot is located between Hillside Ave. and 88th Ave., in the Jamaica section. It has access to public transportation and is steps to the Hillside Ave. retail corridor. "We were able to negotiate a very short and structured due diligence and closing period," said Fotis. * The $2.9 million sale of sale of 54 Cumberland St., an eight-unit apartment property located in Brooklyn. Fotis and Shaun Riney, from Marcus & Millichap's Brooklyn office, 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 Fotis and Adam Abuaf, also from Marcus & Millichap's Manhattan office. The building sold for $500 per s/f in an all-cash buyout after only being marketed for ten days. "After generating multiple offers within a short timeline, we were able to find a 1031 Exchange Buyer from Manhattan who was the highest bidder and willing to close in under 30 days from contract signing," said Fotis, "Brooklyn multi-family properties continue to attract more than the usual suspects." * The $1.065 million sale of 180 Malcolm X Blvd., a 7,280 s/f mixed-use property located in Brooklyn. Erik Lundberg and Eric Eckhardt, from Marcus & Millichap's Brooklyn office 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 Lundberg and Eckhardt. "180 Malcolm X perfectly demonstrated our ability to make qualified buyers compete for the deal which resulted in a sale at 97% of the asking price," said Lundberg.