Press Releases
Marcus & Millichap Brokers $20 Million Sale of 124-Unit Multifamily Portfolio in Brooklyn’s Sunset Park
September 17, 2024
NEW YORK, Sept. 17, 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 124-Unit Multifamily portfolio in Brooklyn, New York, for $20 million.
“Our team successfully negotiated and closed this 124-unit portfolio in a market with interest rate volatility,” says John Brennan. “This deal worked well for the buyer, who secured agency financing at a high loan-to-value ratio and a reasonable interest rate, resulting in an attractive cash-on-cash return. This seven-building assemblage is in a growing location and has significant upside, with a large percentage of preferential rents.”
Brennan, Bryan Ellis and Miles Davis-Bosch, 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 New York-based private investors.
The rent-stabilized multifamily portfolio includes seven buildings located at 437-449 and 438-450 61st St., between 4th and 5th avenues, in the heart of Sunset Park. The properties offer a mix of one- to four-bedroom units. The location provides convenient access to major transit options, including the R and N subway lines, and is just a few blocks east of the Gowanus Expressway and Belt Parkway.
“Our team successfully negotiated and closed this 124-unit portfolio in a market with interest rate volatility,” says John Brennan. “This deal worked well for the buyer, who secured agency financing at a high loan-to-value ratio and a reasonable interest rate, resulting in an attractive cash-on-cash return. This seven-building assemblage is in a growing location and has significant upside, with a large percentage of preferential rents.”
Brennan, Bryan Ellis and Miles Davis-Bosch, 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 New York-based private investors.
The rent-stabilized multifamily portfolio includes seven buildings located at 437-449 and 438-450 61st St., between 4th and 5th avenues, in the heart of Sunset Park. The properties offer a mix of one- to four-bedroom units. The location provides convenient access to major transit options, including the R and N subway lines, and is just a few blocks east of the Gowanus Expressway and Belt Parkway.
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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.
