Nowak and Rosenzweig of Marcus & Millichap broker $1.8 million retail sale

Marcus & Millichap has completed the sale of 5th Ave. South Slope Vacant Mixed-Use Assemblage, a retail property sold as a redevelopment site. The site offered the buyer an opportunity to build a 22,500 s/f mixed-use property, according to John Horowitz, regional manager. The asset sold for $7.5 million. Jakub Nowak and Matthew Rosenzweig, investment specialists 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 secured and represented by Nowak and Rosenzweig. "At a final sales price of $333 per buildable s/f, the Eagle Provisions transaction marks a record for any development site in South Slope. Achieving this overwhelmingly positive outcome for the seller required an exhaustive search for a buyer who understood how to capitalize on the area's recent growth in rents. To do so, we successfully negotiated a joint venture involving a seasoned local developer who had a nuanced understanding of the local market. The record size of this purchase price and a contract free of any contingencies were a testimony to the buyer's confidence for this project," said Nowak. "Because the asset was positioned as a conversion opportunity, the marketing and negotiation of the transaction was complex. Among other things, serious buyers needed to assess the structural integrity of the existing building. We assisted buyers by sourcing necessary architectural and engineering feasibility studies. By providing this scope of information, we streamlined buyer's underwriting process and helped the sellers negotiate the best possible deal," added co-listing agent Matthew Rosenzweig. Since 1979 the buildings at 626-630 5th Ave have been the home of Eagle Provisions, a supermarket offering a unique mix of Polish specialties, kielbasa sausage manufactured on-site and one of the widest selections of craft and import beers in the Northeast.