Marcus & Millichap - Tri Borough Multi-Family

71 Atlantic Avenue

71 Atlantic Avenue
, Brooklyn

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Price: $1,620,000
Building Size: 4,350 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2008, we were hired exclusively to market a mixed-use property at 71 Atlantic Avenue, in the Brooklyn Heights section of Brooklyn, NY. It was composed of 3 apartment units and 1 retail unit. The seller was an was a doctor who was retiring, lived in Queens and no longer wanted to manage the property. The major challenge was the lack of financing due to the very low average rent and income in the building, as well as, the retail unit being delivered vacant at closing. We were able to generate 14 competitive offers in writing. Ultimately, another Marcus & Millichap agent procured a buyer in a 1031 Exchange, who paid $20,000 over the asking price and closed in 30 days without getting a mortgage from a bank.