Marcus & Millichap - Tri Borough Multi-Family

481 7th Avenue

481 7th Avenue
, Brooklyn

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Price: $1,450,000
Building Size: 3,900 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the summer of 2008, we were hired exclusively to market a mixed-use property at 481 7th Avenue in the Park Slope section of Brooklyn, NY. It was composed of 3 apartment units and 1 retail unit, the retail was delivered vacant at closing and our marketing efforts were geared toward finding an “End User.” The seller was an attorney who no longer wanted to manage the property. The biggest challenge in selling the property was that the marketing time occurred during the beginning of the softening of the real estate market. We were able to generate 9 competitive offers in writing. Ultimately, we procured a buyer who was interested in expanding their business in the neighborhood and is currently using the retail space for this purpose. They paid $100,000 over the rest of the market and closed in 90 days while still obtaining a mortgage from a bank.