Marcus & Millichap - Tri Borough Multi-Family

719-723 8th Avenue

719-723 8th Avenue
, Brooklyn

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Price: $12,300,000
Building Size: 31,100 Square Feet
Property Type: Multi Family
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2012 we were exclusively hired to market two contiguous apartment buildings at 719-723 Avenue in the Park Slope section of Brooklyn, NY. The buildings were in very good condition and composed of 31 apartments, 12 two bedroom units and 17 three bedroom units. Of the 32 apartments 25 units had been deregulated and 21 of those 25 were gut renovated. The building had been in the owner’s family for 50 years and the family who ran the building was ready to retire. In the first 21 day of marketing the property we were able to generate 23 offers in writing by both Marcus & Millichap agents and agents from other real estate companies. At the end of this short marketing period there were 4 buyers who had made full price offers, at this point we decided to put out a call for “best and final” offers from the market. Ultimately, the seller signed a completely non contingent contract $300,000 above our asking price with a buyer who was part of a small investment fund. They closed 75 days after signing a contract while receiving a mortgage from a bank.