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Marcus & Millichap Brokers the Sale of a 64,000-Square-Foot Mixed-Use Property in Rockland County

June 05, 2023

TAPPAN, N.Y., June 5, 2023 – 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 85 Old Tappan Rd., a mixed-use property with 5,100 net-rentable square feet in five apartments and two ground floor retail units, located in Tappan, New York. The two-story building sold for $1.1 million.

“Running our seasoned process of marketing and constant contact with the market allowed John Sala and I to exceed our client’s expectations,” said Kevin Taub, senior associate. “Within the first two weeks of our collective marketing, we had 11 tours and six written offers. Within an additional week, we secured our purchaser at a price that was approximately 5% over the asking price.”

Taub and John A. Sala, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, Peter Davey, a private investor. The buyer, a New Jersey-based private investor, was also procured by Taub and Sala. John Horowitz, Marcus & Millichap’s Broker of Record in New York, assisted in closing this transaction.

“John and Kevin did a fantastic job making this transaction easy and stress-free,” said Davey.

The mixed-use property is located just across the New York/New Jersey border. Constructed in 1929, the building features two retail units, five apartments, and a storage garage. The first floor of the property is comprised of two 900-square-foot retail properties occupied by a dog groomer and a deli, and one 500-square-foot studio apartment. The second floor consists of four one-bedroom apartments.

 

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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