Marcus & Millichap has completed the sale of 235-237 Kent Ave., a pair of mixed-use buildings in the Williamsburg neighborhood of Brooklyn, for $16.4 million. The transaction marks a full investment cycle for the seller, who acquired the property in 2021 during the pandemic for $12.3 million and has now exited at a higher valuation.
Shaun Riney of Marcus & Millichap in New York City noted that the latest sale completes what he described as a round trip for the ownership. He highlighted that the buildings were delivered to the buyer in turnkey condition and benefit from a location along Kent Avenue, a corridor he characterized as world-class within Williamsburg.
The purchaser in the transaction was executing a 1031 like-kind exchange, redeploying capital following the sale of a different property in downtown Manhattan. By acquiring 235-237 Kent Ave., the buyer was able to complete that exchange requirement while securing an income-producing asset with both residential and commercial components.
Riney, along with colleagues Michael Salvatico and Harrison Rich, led the marketing effort for Marcus & Millichap on behalf of the seller. The same team also sourced and procured the buyer, providing advisory services on both sides of the transaction and managing the sale process for the Williamsburg asset.
Originally constructed in 1954, the property consists of two buildings totaling 13,575 square feet. Together, they contain 14 units, including 12 free-market two-bedroom apartments positioned above ground-floor commercial space. The residential units offer a fully market-rate tenancy profile, while the street-level component provides additional diversified income for ownership.
The commercial portion of the property is divided into two ground-floor retail spaces. One space is occupied by a restaurant, and the other is leased to Ume Sushi. These tenants contribute to the asset’s mixed-use character and connect the buildings to the surrounding neighborhood’s established dining scene.
With its combination of stabilized residential units, active retail tenancy, and an established Brooklyn location along Kent Avenue, the sale of 235-237 Kent Ave. demonstrates ongoing investor interest in mixed-use product in Williamsburg. The transaction also reflects how investors are using 1031 exchanges to reposition capital within New York City’s multifamily and retail landscape.
