Marcus & Millichap Inc.

01/23/2025 | Press release | Archived content

Marcus & Millichap Brokers $6.8 Million Sale of Mixed-Use Property in Brooklyn’s Park Slope

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Marcus & Millichap Brokers $6.8 Million Sale of Mixed-Use Property in Brooklyn's Park Slope

January 23, 2025
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NEW YORK, Jan. 23, 2025 - 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 164-166 7th Avenue, a mixed-use property in the Park Slope neighborhood of Brooklyn, New York. The property sold for $6.8 million, marking its first sale in more than 40 years.

"New regulations affecting free-market apartments and an expiring retail lease created nuanced challenges that required deep submarket and product-type knowledge," said Matt Fotis. "We created a plan with the owner that allowed a buyer to capitalize on the underlying value from day one and, through a thoughtful marketing process, secured a buyer making their first purchase in this area."

Fotis exclusively marketed the property on behalf of the seller and procured the buyer, both private investors.

Built in 1921, the mixed-use property is located between Garfield Place and 1st Street. It consists of two four-story buildings totaling 9,790 square feet, featuring one retail unit occupied by Starbucks and six three-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.