Marcus & Millichap Arranges The Sale Of A 32,250 Square Foot Brooklyn Industrial Building in Brooklyn, NY
Brooklyn, NY, September 17, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 162-168 Van Dyke Street, a 32,250 square foot industrial property located in Brooklyn, NY, according to John Horowitz, First Vice President & District Manager of the firm’s Brooklyn office. The asset sold for $13,400,000.
Jakub Nowak and Jesse Kay, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller. The buyer was represented by VCPRE.
Jesse Kay comments, “This transaction marks the third industrial building that Jakub and I sold in Red Hook within the last year. It is also the seventh and largest deal we have closed to date in the neighborhood.” He continues, “Our far-reaching marketing campaign solicited several competitive bids despite the asset’s deferred maintenance and a challenging marketplace. The result was an auction-like environment which culminated in an all-cash deal with no buyer due diligence or contingencies from a purchaser in a 1031 exchange.”
The asset features 13-to-18-foot ceilings and nine-foot ceilings in the basement. The property is fitted with two large roll-up gates on Van Dyke Street and two large gates on Coffey Street. Additionally, the property is located within a qualified opportunity zone and the Southwest Brooklyn IBZ District. At the time of sale, the property was delivered vacant.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.