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Brokerage
Posted: October 18, 2016
Marcus & Millichap closes two sales in Brooklyn totaling $5.55 million
969-975 Grand Street - Brooklyn, NY
7201 3rd Avenue - Brooklyn, NY
Brooklyn, NY Marcus & Millichap has closed two recent sales totaling $5.55 million:
• 969-975 Grand St.: The 7,565 s/f industrial property sold for $2.95 million. Jakub Nowak and Jim McGuckin from Marcus & Millichap’s local office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured and represented by the team.
Marcus & Millichap" width="125" height="160" /> Jim McGuckin, Marcus & Millichap
Marcus & Millichap" width="125" height="160" /> Jakub Nowak, Marcus & Millichap“The sales price speaks to the supply and demand disparity northern Brooklyn is currently experiencing. Owner/users continue to compete with developers and retailers on the same assets. Those who need to be in close proximity to Manhattan and the outer boroughs need to pay a premium in order to operate their businesses,” said McGuckin.
•7201 3rd Ave.: The 7,520 s/f mixed-use property sold for $2.6 million. John Brennan and Mark Zarrella from Marcus & Millichap’s local office, 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 Brennan and Zarrella.
Marcus & Millichap" width="125" height="160" /> John Brennan, Marcus & Millichap
Marcus & Millichap" width="125" height="160" /> Mark Zarrella, Marcus & Millichap“Corner locations surrounded by national brands always sell at a premium. Our buyer was willing to go in at roughly a 4.5% yield because he saw the upside potential in both the retail as well as the oversized one and two bedroom units,” said Zarrella.
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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