Marcus & Millichap Inc.
04/20/2026 | Press release | Archived content
Marcus & Millichap Facilitates $16M Sale of Development Site in Brooklyn’s Prospect Heights
Press Releases
Marcus & Millichap Facilitates $16M Sale of Development Site in Brooklyn's Prospect Heights
April 20, 2026
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NEW YORK, April 20, 2026 - 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 863 Dean St., a development site in the Prospect Heights neighborhood of Brooklyn. The asset sold for $16 million.
"By strategically launching post-AAMUP rezoning, we capitalized on critical price discovery to maximize asset value. Our marketing campaign generated rapid, broad-based competition, resulting in 15+ offers within 30 days," said Matt Fotis of Marcus & Millichap in New York City. "We selected a sophisticated developer capable of unlocking the site's highest and best use, exceeding all market expectations."
Fotis exclusively marketed the property on behalf of the seller, a local family, and procured the buyer.
The property consists of a 16,500-square-foot lot and is currently configured as a vacant lot. The site, falls within the recently approved Atlantic Avenue Mixed Use Plan Rezoning and is zoned R6A/M1-2A, allowing for residential and mixed-use development. The property offers up to 82,500 buildable square feet.
863 Dean St. is located between Grand Avenue and Classon Avenue, approximately five blocks from Barclays Center and Atlantic Terminal, with access to the 2, 3, 4, 5, B, N, D, Q, R and W subway lines and the Long Island Rail Road.
"By strategically launching post-AAMUP rezoning, we capitalized on critical price discovery to maximize asset value. Our marketing campaign generated rapid, broad-based competition, resulting in 15+ offers within 30 days," said Matt Fotis of Marcus & Millichap in New York City. "We selected a sophisticated developer capable of unlocking the site's highest and best use, exceeding all market expectations."
Fotis exclusively marketed the property on behalf of the seller, a local family, and procured the buyer.
The property consists of a 16,500-square-foot lot and is currently configured as a vacant lot. The site, falls within the recently approved Atlantic Avenue Mixed Use Plan Rezoning and is zoned R6A/M1-2A, allowing for residential and mixed-use development. The property offers up to 82,500 buildable square feet.
863 Dean St. is located between Grand Avenue and Classon Avenue, approximately five blocks from Barclays Center and Atlantic Terminal, with access to the 2, 3, 4, 5, B, N, D, Q, R and W subway lines and the Long Island Rail Road.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]