Two Brooklyn, NY Apartment Buildings Sell for $12.3 Million

BROOKLYN, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 719-723 8th Ave.(top left photo), two 16-unit four-story apartment buildings totaling 31,100 square feet on one tax lot in Brooklyn’s Park Slope neighborhood.

The sales price of $12.3 million equates to $384,375 per unit and $395 per square foot.

Matthew Fotis (middle right photo), a vice president investments in the Manhattan office of Marcus & Millichap, represented the seller, a private investor. Fotis also represented the buyer, a local private investment fund.

 “This is the largest pre-war apartment building that has sold in Park Slope during the past five years,” says Fotis. “Within three weeks of putting the property on the market we generated more than 20 offers and accepted an offer above our asking price.”

 Built in 1905 on a 100-foot-by-100-foot lot, 719-723 8th Ave. is located one block from Prospect Park and is within easy walking distance of subway stations providing trains to Manhattan. Subway lines F and G are two blocks away and lines D, N and R are four blocks away.

The properties at 719-723 8th Ave. feature six rent-stabilized units, one rent-controlled apartment and 25 deregulated units.

Twenty-one of the 32 apartments have been gut-renovated within the past eight years. Renovations included new sheetrock, electrical wiring and plumbing, new kitchens and bathrooms and new oak floors.

All units have electrical circuit breakers and video intercoms.

Each building has its own laundry room with key card entry. New entryway doors have been installed and the boiler was recently converted to a dual-fuel operating system.

 Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716