PRESS RELEASE: Marcus & Millichap Arranges The Sale Of A 16-Unit Apartment Building

BROOKLYN, NY- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 24-26 Covert Street, a 16-unit apartment property located in Brooklyn, NY, according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $2,400,000 which represented approximately $154 per square foot.

Shaun Riney, Derek Bestreich and Lucien Sproviero, 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 Sproviero, Riney and Bestreich.

According to Mr. Bestreich, “within the first 30 days of marketing we solicited 10 offers and achieved a price equal to $150,000 per unit.”

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.


Press Contact: John Horowitz

Regional Manager, Brooklyn

(718) 475-4300

TAGS: Investment