Rosenzweig of Marcus & Millichap sells eight-unit apartment building for $1.725 million

Marcus & Millichap Real Estate Investment Services has completed the sale of 452 Atlantic Ave., an eight-unit apartment building, according to John Horowitz, regional manager of the firm's Brooklyn office. The asset sold for $1.725 million. Matthew Rosenzweig, an investment specialist in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, also a local private investor, was also secured and represented by Rosenzweig. More than 30 written offers were tendered during the three weeks of marketing. The competing bids came from investors throughout the tri-state area. "The inherent value of this property, coupled with the powerful marketing platform that Marcus & Millichap has established across Brooklyn, made this transaction a big success for the seller. By harnessing the efforts of more than twenty brokers who worked on this deal, competition for this asset became strong and the sales price was driven upward," said Rosenzweig. "When we launched our marketing efforts, the market instantly realized the value of this property," Rosenzweig said. "Atlantic Ave. in Downtown Brooklyn has become a focus for investors who seek to benefit from the opening of the Barclays Center. Investors also see Downtown Brooklyn as an increasing popular destination for high-end multifamily and unmatched retail corridors."