Shu of Marcus & Millichap brokers $2.9 million sale

Marcus & Millichap Real Estate Investment Services has completed the sale of 1023 Lafayette Ave., a 22,500 s/f mixed use property, according to J.D. Parker, VP and regional manager of the firm's Manhattan office. The asset commanded a sales price of $2.9 million and a capitalization rate of 7.8% Terra Firma International had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Naomi Shu, a senior associate at Marcus & Millichap's Manhattan office.