Nowak and Rosenzweig of Marcus & Millichap broker $1.653 million sale; For a 3,380 s/f retail property at 580-582 5th Avenue, Brooklyn

Marcus & Millichap Real Estate Investment Services has completed the sale of 580-582 5th Ave., a 3,380 s/f retail property, according to John Horowitz, regional manager of the firm. The asset sold for $1.653 million which represented $489 per s/f. Jakub Nowak and Matthew Rosenzweig, from 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 Nowak and Rosenzweig. "The property hit the market with one retail space vacant and the other occupied by a tenant with a 14-year lease and no escalations. Additionally, it had been stripped of any air rights as part of a previous transaction. In spite of these obstacles we were able to bring multiple competitive bids to the deal and ultimately sign a completely non-contingent contract with a local investor," said Nowak. "The transaction was complicated because it required negotiating the waiver of a tenant's right of first refusal. This property is situated in the heart of a corridor that is experiencing dramatic retail development. During the course of our marketing efforts we saw the volume of buyer inquiries multiply,"said Rosenzweig.