Nowak, Riney, and Salvatico of Marcus & Millichap arrange $1.52 million sale of 818 Humboldt Street

Marcus & Millichap Real Estate Investment Services arranged the sale of 818 Humboldt Street, a 6,000 s/f industrial property, according to John Horowitz, Regional Manager of the firm's Brooklyn office. The asset sold for $1.52 million which represented approximately $253 per s/f. Jakub Nowak, Shaun Riney and Michael Salvatico, investment specialists in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was secured and represented by Salvatico, Nowak and Riney. Nowak said, "The sale of this single story 6000 s/f warehouse at $20,000 dollars over the original asking price highlights a growing supply and demand disparity in the North Brooklyn Industrial marketplace. The demand for inventory under 10,000 s/f from owner-users in this area is strong, while opportunities to make a purchase in this size range are rare."