Marcus & Millichap Announces $6 Million Sale of 48-Unit Multifamily Property in Brooklyn

NEW YORK, Sept. 3, 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 48-unit apartment property in Brooklyn, New York, for $6 million.

"Despite a noticeable market adjustment with rent-stabilized apartment buildings since 2019, there is still a healthy appetite for well-priced buildings that are clean," said John Brennan. "The property benefits from strong rent-collections and was too low of a basis for the buyer to pass up."

Brennan and Bryan Ellis, 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 local limited liability companies.

The six-story elevator multifamily property is located at 7920 19th Ave., between 79th and 80th streets in the Bensonhurst neighborhood of Brooklyn. The building features one- and two-bedroom apartments and has been well-maintained with several recent updates.

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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.