Riney and Greenblatt of Marcus & Millichap arranges the sale of a 11-unit apartment building for $2.3 million

Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has announced the sale of 281 Clifton Place, a 11-unit apartment property, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $2.3 million which represented approximately $208 per s/f. Shaun Riney and Dan Greenblatt from Marcus & Millichap's Brooklyn office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Riney and Greenblatt. "Our challenge with Clifton Place was to deliver a top-of-the-market price for our client while navigating the complexities of HPD regulatory agreements. It is a different buyer pool than most deals but we were able to identify the right purchaser and close the deal at 12.5 times the income and a sub 6% cap rate," said Riney.