Marcus & Millichap - Tri Borough Multi-Family

602 44th Street & 4405-4409 6th Avenue

602 & 4405-4409 44th Street & 6th Avenue
, Brooklyn

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Price: $3,850,000
Building Size: 37,700 Square Feet
Property Type: Multi Family
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2012, we were hired exclusively to market a multi family property on the corner of 44th Street and 6th Avenue in the Sunset Park section of Brooklyn, NY. The offering consisted of three apartment buildings totaling 28 units located directly on Sunset Park. The seller was an investment fund that had decided it was time to sell the buildings. The major challenge was finding a buyer who found great value in purchasing a building located directly on the park and also had experience in working with the NYCHA Section 8 Program which subsidized the rent payments for 20 apartments in the building. After 60 days of marketing the property we were able to generate 13 offers in writing. Ultimately, we were able to find a buyer who was willing to purchase the building on an “As Is” basis and closed in 90 days while receiving a loan from a bank.