Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of two multifamily development sites located on Bushwick Avenue in Brooklyn, New York. The assets sold for $7 million.
“This was a complex 421a development site, with a number of moving parts. My team, consisting of John Lopez and Michael Salvatico did a great job executing. We are proud to deliver strong results for our clients,” said Shaun Riney.
Riney and Michael Salvatico, 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.
Positioned at 962 and 976 Bushwick Avenue, the properties flank both sides of Calvary and Saint Cyprian’s Church. The properties make up a 421a development site, featuring a two-lot assemblage for the construction of two seven-story multifamily buildings, boasting a total of 53 units. Between the two buildings, 10 studios and 9 1-bedroom units will be offered.
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.
