Marcus & Millichap completes three sales totaling $5.825 million in Brooklyn

Brooklyn, NY According to John Horowitz, vice president - regional manager of Marcus & Millichap’s Brooklyn office, the firm has brokered three sales totaling $5.825 million.

The first sale was 248 Boerum St., a 1,978 s/f industrial property. The asset sold for $1.25 million.

Jakub Nowak and Jim McGuckin from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a LLC, was also secured and represented by the team.

“We leveraged a lack of similar properties on market with a tremendous amount of demand for this size property. Through a comprehensive marketing campaign we were able to achieve a new price record of approximately $630 per s/f for a commercially zoned warehouse in the East Williamsburg/Bushwick submarket,” said McGuckin.

The second sale was of 21 Malcolm X Blvd., a nine-unit apartment property. The asset sold for $3.25 million.

Shaun Riney from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a LLC. The buyer, a LLC, was also secured and represented by Riney.

The last sale was for 405 Himrod Ave., a six-unit apartment property. The asset sold for $1.325 million.

Riney, Thomas Shihadeh and Daniel Greenblatt from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a LLC. The buyer, a private investor, was also secured and represented by the team.

“This sale marks a low basis play in this northern sub-section of Bushwick. That is in close proximity to the influx of new hotels, office buildings and warehouse-converted retail properties that are bringing a whole new dynamic to the neighborhood,” said Shihadeh.