Riney and Fotis of Marcus & Millichap complete $990,000 sale in Brooklyn

Marcus & Millichap Real Estate Investment Services has completed the sale of 597 Park Place, an eight-unit apartment building, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $990,000. Shaun Riney, an investment specialist, and Matthew Fotis, an investment specialist at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a fund manager, was also secured and represented by Riney and Fotis. "The property sold for over 11 times the rent roll which is testament to the strength of multifamily assets in the current market," said Riney. "Prospect Heights is maturing into one of Brooklyn's top neighborhoods as increased rental market and property values rise with overall market improvement," said Fotis. With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.