Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 10-unit multifamily property located at 29 Willow Street in the Brooklyn Heights neighborhood of Brooklyn, New York for $8,200,000.
“29 Willow Street will be converted to high-end condominiums, which proved to be the highest and best value,” said Shaun Riney. “The property was delivered vacant, offering a prime opportunity for redevelopment. The seller purchased the asset in 2003 for $1.6 million, which demonstrates the long-term value of investing in New York City.”
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.
Brooklyn Heights is known to offer the best views of the Brooklyn Bridge and Manhattan Skyline. This neighborhood provides elegant brownstones along tree-lined streets and some of the best views in the city. Brooklyn Heights is a gorgeous neighborhood often referred to as New York City’s first suburb for its rich, historical roots.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
