Marcus & Millichap - Tri Borough Multi-Family

53 5th Avenue

53 5th Avenue
, Brooklyn

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Price: $1,100,000
Building Size: 6,760 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2009, we were hired exclusively to market a mixed-use property at 53 5th Avenue, in the Park Slope section of Brooklyn, NY. The building is composed of 6 apartment units and 2 retail units. The seller was an estate and this building was part of a portfolio with 3 other similar properties on 5th Avenue. The major challenge was the lack of financing available due to the very low income in the building and capital markets at the time. We were able to generate 21 competitive offers in writing. The first buyer decided that they were not prepared to move forward with the purchase after they received the contract. The biggest benefit to the seller in this case was having multiple competitive offers. Ultimately, the actual purchaser signed the contract within one week of their offer being accepted and after patiently waiting 18 months for the estate to clear up issues in court the buyer closed on short notice without receiving financing from a bank.