Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a multifamily apartment building at 134 Montague Street in Brooklyn, New York. The asset was sold for $8,795,000.
“This property located at 134 Montague Street sold at a 5.61% cap rate and is an example of best-in-class assets trading at negative leverage cap rates,” said Shaun Riney. “Our team produced 13 competitive offers and sourced a buyer in a 1033 exchange – which is an eminent domain exchange – that most brokers are not familiar with or have access to buyers with those needs.”
Riney, Michael Salvatico, and Andrew Bronsteen, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
Marcus & Millichap, Inc. (NYSE: MMI) 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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
