Marcus & Millichap - Tri Borough Multi-Family

457 7th Avenue

457 7th Avenue
, Brooklyn

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Price: $1,575,000
Building Size: 3,000 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the fall of 2007, we were hired exclusively to market a mixed-use property at 457 7th Avenue, in the Park Slope section of Brooklyn, NY. It was composed of 5 apartment units, 1 retail unit and 2 garage units. The seller was retiring and no longer wanted to manage the property, they were fortunate to have chosen a time in the market where values had peaked. We were able to generate 11 competitive offers in writing. Ultimately, we procured a buyer in a 1031 Exchange brought by another Marcus & Millichap agent from our Manhattan Office, who paid $90,000 over the next highest offer and closed in 60 days while still obtaining a mortgage from a bank.