Marcus & Millichap - Tri Borough Multi-Family

78 5th Avenue

78 5th Avenue
, Brooklyn

info heading

info content

Price: $837,500
Building Size: 4,800 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 78 5th Avenue, in the Park Slope section of Brooklyn, NY. It 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 a very low average rent and income in the building. We were able to generate 22 competitive offers in writing. Despite the many problems associated with the building we negotiated a contract on a completely “As Is” basis subject to nothing; for example, bank financing, violations, property condition and landlord/tenant issues. Due to Estate Court issues the property was under contract for about 18 months. Thanks to a capable and patient buyer when the estate was finally ready to close there were no delays.