Riney, Saros and Salvatico of Marcus & Millichap arranges $2.4 million sale of 411 Graham Avenue

Marcus & Millichap has completed the sale of 411 Graham Ave., a 4,375 s/f mixed-use property, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $2.4 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 private investor. The buyer, a private investor, was secured and represented by Riney, Saros and Salvatico. "The price point we achieved of nearly $550 per s/f for an unrenovated frame property displays the increasing strength of the main retail corridors east of the BQE in Williamsburg. The marketing process became very competitive with the ultimate buyer meeting all of our client's terms and closed in an all cash transaction. The property had been owned for multiple generations by our clients who took advantage of the current market strength in the area," said Saros.