Brooklyn, NY Apartment Building Brings $17.5 Million

68 Richardson Street, Brooklyn, NY

NEW YORK, NY, Oct. 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 68 Richardson St., a 25-unit, 32,500-square-foot elevator building in the North Williamsburg area of Brooklyn. 

The $17.5 million sales price equates to $700,000 per unit.

            Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, along with Matthew Fotis in the firm’s Manhattan office, represented the seller. Riney, Salvatico and Saros represented the buyer.

“The seller believed this was an opportunistic time in the cycle to exit,” says Riney. “The property was sold at a low cap rate on market rents after an intense marketing campaign that attracted interest from all over the country.”

Shaun Riley

The building is a short walk from McCarren Park and near the Bedford Avenue “L subway station.

“The sale is symbolic of North Williamsburg’s rise as one of New York City’s top-tier neighborhoods,” adds Salvatico.

 “The metrics of the transaction solidify the fact that the neighborhood is now able to attain pricing on par with many of the best locations in Manhattan. Our marketing process generated 15 offers and the resulting competition resulted in an excellent price per unit and a 4.3 percent cap rate.”

The 68 Richardson St. building has 24 loft-style apartments and one commercial space.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716