A multifamily apartment building located at 134 Montague Street in Brooklyn Heights has recently been sold for $8.8 million. The identities of the buyer and seller have not been disclosed.
Constructed in 2012, this five-story building features seven units with a mix of one, two, and three-bedroom apartments. Marcus & Millichap’s Manhattan office led by Shaun Riney, Michael Salvatico, and Andrew Bronsteen exclusively listed the property on behalf of the seller and successfully facilitated the transaction with private investors as buyers.
According to Riney, “This sale demonstrates that top-quality assets are being traded at negative leverage cap rates.” He also mentioned that their team received 13 competitive offers for this property and was able to secure a buyer through a unique type of exchange known as a 1033 exchange – which is typically unfamiliar territory for most brokers but proved successful due to their access to buyers with specific needs.
The article “Brooklyn Heights MF Property Sold for $8.8M” originally appeared on Connect CRE.
