BROOKLYN, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 328 Madison Street, a 8-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $1,200,000 which represented approximately $141 per square foot.
Derek Bestreich, Lucien Sproviero and Shaun Riney, investment specialists in 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, Bestreich and Sproviero.
According to Mr. Riney, “we accepted an offer at over 12 times the rent roll within a week of exclusive marketing. It was a good business trade for both parties. The seller wanted to exit at a high point in the cycle and the buyer was willing to pay a premium for a nice rent stabilized apartment asset with significant long-term rental and value appreciation potential.”
Press Contact: John Horowitz
Regional Manager, Brooklyn
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 6,149 transactions in 2012, 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.