Marcus & Millichap - Tri Borough Multi-Family

386 Prospect Place

386 Prospect Place
, Brooklyn

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Price: $1,150,000
Building Size: 8,000 Square Feet
Property Type: Multi Family
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the summer of 2011, we were hired exclusively to market one apartment building at 386 Prospect Place, located between Washington Avenue & Underhill Avenue in the Prospect Heights section of Brooklyn, NY. The property was composed of 8 rent stabilized apartment. There were two vacant apartments at the time of closing. We were able to generate 13 competitive offers in writing. Ultimately, we procured a buyer who was in a 1031 Exchange, able to obtain attractive financing from a local savings bank and closed in 90 days on an “All Cash” basis. The sales price ended up to be $115,000 over our next highest.