News:
Brokerage
Posted: March 23, 2015
Nowak and Patel of Marcus & Millichap secure $1.6 million sale
Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the U.S. and Canada, arranged the sale of 489 Baltic St., a 6,242 s/f industrial property, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $1.6 million.
Jakub Nowak and Hemal Patel from Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by Nowak and Patel.
"Thanks to our wide-reaching marketing campaign we were able bring the M1-2 zoned, industrial warehouse at 489 Baltic St. to the attention of a boutique hotel developer who was willing to outbid numerous owner-users and investors. Ultimately, the deal closed at full asking price and with no contingences. The construction of a boutique hotel along what is currently still a very industrial section of Baltic Street is unprecedented. Its addition will mark a milestone development for this part of Boerum Hill," said Nowak.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
