Marcus & Millichap - Tri Borough Multi-Family

66 5th Avenue

66 5th Avenue
, Brooklyn

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Price: $1,150,000
Building Size: 2,700 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 66 5th Avenue, in the Park Slope section of Brooklyn, NY. It was composed of 2 apartment units and 1 retail unit, both apartments were delivered vacant at closing and the retail unit’s lease was expiring in 2010. 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 due to the vacancy and lack of income in the building. We were able to generate 20 competitive offers in writing. The first buyer we sent a contract to decided that they were not prepared to move forward with the purchase after they received the contract due to the lack of bank financing available. The biggest benefit to the seller in this case was having multiple competitive offers. Ultimately, the buyer signed the contract within one week and closed all cash offer and without getting a mortgage from a bank.