Marcus & Millichap Brokers $8.2 Million Sale of Brooklyn Heights Multifamily Property

NEW YORK, July 18, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10-unit multifamily property in Brooklyn, New York for $8,200,000.

"29 Willow will be converted to high-end condominiums, which proved to be the highest and best value," said Shaun Riney. "The property was delivered vacant, offering a prime opportunity for redevelopment. The seller purchased the asset in 2003 for $1.6 million, which demonstrates the long-term value of investing in New York City."

Riney and Michael Salvatico, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.

Built in 1900, the five-story, 10-unit multifamily property is located at 29 Willow St. in the Brooklyn Heights neighborhood. Less than half a mile from the Brooklyn Bridge Park, the property offers residents convenient access to one of the area's premier recreational spaces.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.