Riney, Saros and Salvatico of Marcus & Millichap arrange $3 million sale of 168 Driggs Avenue

Brooklyn, NY Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the United States and Canada, today announced the sale of 168 Driggs Avenue, a 6-unit apartment property, according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $3 million. Shaun Riney, James Saros and Michael Salvatico from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was also secured and represented by the team. “Like many of our clients in the current market, our sellers on 168 Driggs sold out of a 2% cap and purchased a cash flowing mix use property in Florida at an 8.1% cap, thus greatly increasing their cash flow. It's very rewarding to assist a long term client in successfully repositioning their portfolio for their family and the future generations to come,” Saros said. “We expect the purchasers to do very well here as they have an opportunity to capitalize on the rapidly appreciating retail market in the immediate area.”