Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 119-123 Kent Avenue, three contiguous mixed-use buildings in Brooklyn’s Williamsburg neighborhood. The properties sold for $22.35 million, which equates to $1,441 per square foot.
Nat Rockett and Steven Dweck of Marcus & Millichap’s Manhattan office represented the buyer, the Shariati family, who were in a 1031 exchange from the sale of a building in Manhattan, 85 Chambers Street. The sellers are Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group.
“Our client was able to acquire a special asset in a market that is maturing into one of New York City’s great neighborhoods,” says Rockett. “It’s a credit to my colleague Steven who did a fantastic job of finding them a truly special buying opportunity.”
The buildings have a total of 17 mostly renovated apartments, three ground-floor retail units and one office space.
About Marcus & Millichap
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 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.