457 7th Avenue

In the fall of 2007, we were hired exclusively to market a mixed-use property at 457 7th Avenue, in the Park Slope section of Brooklyn, NY. It was composed of 5 apartment units, 1 retail unit and 2 garage units. The seller was retiring and no longer wanted to manage the property, they were fortunate to have chosen a time in the market where values had peaked. We were able to generate 11 competitive offers in writing. Ultimately, we procured a buyer in a 1031 Exchange brought by another Marcus & Millichap agent from our Manhattan Office, who paid $90,000 over the next highest offer and closed in 60 days while still obtaining a mortgage from a bank.