Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The West, a Class A, 22-unit multifamily property in Brooklyn, New York, for $9.3 million.
“Leasehold interest sold for the loan amount,” said Shaun Riney. “We negotiated a creative lender financing structure, short-term and interest only, to maximize ultimate loan recovery for the lender and get them a replacement guarantor with a fresh capital stack.”
Riney, Michael Salvatico and Samuel Leppo, 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, Chesky Landau.
Located at 144 West Street, the property comprises one commercial space and 22 residential units spanning 17,400 square feet, with one- and two-bedroom layouts. It is situated at the intersection of West Street and India Street, one block from the East River Ferry and Greenpoint Beach.
Completed in 2021, the building offers residents access to a package room, urban garden, lounge with wet bar and furnished outdoor terrace, and rooftop sun decks with sweeping skyline views.
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, 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.
