Marcus & Millichap - Tri Borough Multi-Family

85, 87 & 89 4th Ave, 80 St Mark’s Place

80, 85, 87 & 89 4th Ave,St Mark's Place
, Brooklyn

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Price: $5,400,000
Building Size: 12,217 Square Feet
Property Type: Development Site
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2011, we were hired exclusively to market a development site on the corner of 4th Avenue and St. Mark’s Place. The site was composed of one vacant warehouse, one-two story commercial building and two mixed-use properties. We were able to generate 4 competitive offers in writing. The biggest challenge to selling the property was the limited amount of capable buyers active in the development market at the time due to the complete lack of financing available and the expiration of the 421A tax abatement. Ultimately, we were able to source an experienced local investor who closed at a very competitive price and work through complex obstacles that come with the territory of purchasing a development site by offering very favorable terms for the seller.