Marcus & Millichap completes two Brooklyn sales totaling $2.45 million

According to J.D. Parker, regional manager of Marcus & Millichap Real Estate Investment Services' Manhattan & Brooklyn offices, the firm has brokered two sales totaling $2.45 million. The deals include the following: * The $1.65 million sale of 23 Pierrepont St., an eight-unit apartment building. The sales price reflects a pro forma capitalization rate of 4.95% and a pro forma gross rent multiplier of 11.38%. John Horowitz, an investment specialist in 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 also secured and represented by Horowitz. "The building is located on a prime block in Brooklyn Heights. Through an extensive marketing program we received 25 offers in writing. Ultimately, in a competitive process, the seller was able to obtain a top of the market price from an all-cash buyer, closing in 30 days," said Horowitz. * The $800,000 sale of 1266 Ralph Ave., a 10,000 s/f industrial property. The asset commanded a sales price of $800,000. Matthew Fotis and Shlomo Manne, investment specialists in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was secured and represented by Shlomo Manne, an investment specialist in Marcus & Millichap's Manhattan office. "Because of our understanding of the submarket we were able to ask the right price for the building," said Manne. "The property had been on the market before and the previous brokerage company was unsuccessful in selling it. We had offers through multiple agents and we were ultimately able to secure a developer with whom we had an existing relationship."