Marcus & Millichap closes sale of 21-unit apartment building for $3.8 million

Brooklyn, NY Marcus & Millichap negotiated the sale of 665 St. Marks Ave., a 21-unit multifamily property in Crown Heights. The property sold for $3.8 million.

“While the buyer pool for rent-regulated buildings is limited, we continue to find the investors others miss,” said Matt Fotis of Marcus & Millichap in New York City. “We identified an international buyer who saw positive yield and an attractive entry point.”

Fotis exclusively marketed the property on behalf of the seller, a private investor, and procured the buyer, an international partnership.

The five-story elevator building contains 17,790 s/f and was built in 1900. The property includes one- and two-bedroom apartments, consisting of 13 rent-stabilized units and eight free-market units. Several apartments have been renovated with modern finishes.

665 St. Marks Ave. is located between Nostrand and Rogers Aves. in Crown Heights, near Manhattan and within six blocks of the 4, 5, A and C trains.