Marcus & Millichap Arranges The Sale Of A 45-Unit Apartment Building
QUEENS, NY, October 21, 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 30-47 29th Street, a 45-unit apartment property located in Queens, NY, according to John Horowitz, First Vice President & District Manager of the firm’s Brooklyn office. The asset sold for $11,200,000.
Shaun Riney, Dylan Walsh, and Sean Fopeano, investment specialists in the firm’s Brooklyn office, collaborated with Alan Cafiero and Matt Leszyk, investment specialists in the firm’s New Jersey office. The agents had the exclusive listing to market the property on behalf of the seller. The buyer was secured by Shaun Riney, Dylan Walsh, and Sean Fopeano.
Dylan Walsh comments, “The seller’s goal was to get into contract and close in order to execute a year end 1031 exchange. After a competitive bidding war, the team achieved above asking price in less than six weeks on the market and an all cash seven day time-of-essence closing.”
The 45 units are comprised of 14 one-bedroom apartments, 20 two-bedroom apartments, and 11 three-bedroom apartments, for a total of 34,500 square feet.
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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.