Marcus & Millichap - Tri Borough Multi-Family

86 5th Avenue

86 5th Avenue
, Brooklyn

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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 86 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 residential portion of the property was fully occupied however; the majority of the tenants were not paying rent which caused the buyer unable to procure financing. 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. Ultimately this building was deeded to heirs of the estate in order to settle.