Marcus & Millichap, a leading real estate investment firm, has successfully closed the sale of a 124-unit multifamily portfolio in Brooklyn’s desirable Sunset Park neighborhood for $20 million. The transaction was handled by John Brennan, Bryan Ellis and Miles Davis-Bosch, experienced investment specialists based in Marcus & Millichap’s Manhattan office. They represented the seller and also secured the buyer – both private investors from New York.
Despite market volatility caused by fluctuating interest rates, our team skillfully negotiated and finalized this deal,” stated Brennan. “The buyer was able to secure attractive agency financing with a high loan-to-value ratio and reasonable interest rate. This resulted in an appealing cash-on-cash return for them.” The seven-building portfolio is situated in an up-and-coming area with significant potential for growth.
Located at 437-449 and 438-450 61st St., between Fourth Avenue and Fifth Avenue, these rent-stabilized properties offer one to four-bedroom units that cater to various tenant needs. With its prime location within Sunset Park’s vibrant community coupled with its promising upside potential due to preferential rents on many units – this multifamily portfolio proved highly attractive to buyers looking for solid investments.
This successful sale further solidifies Marcus & Millichap as one of the top players in New York City’s competitive real estate market.
