Marcus & Millichap Closes Sunset Park Portfolio Sale

Marcus & Millichap closed the sale of a 124-unit multifamily portfolio in Brooklyn’s Sunset Park neighborhood for $20 million. John Brennan, Bryan Ellis and Miles Davis-Bosch, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer, both New York-based private investors.

“Our team successfully negotiated and closed this 124-unit portfolio in a market with interest rate volatility,” said Brennan. “This deal worked well for the buyer, who secured agency financing at a high loan-to-value ratio and a reasonable interest rate, resulting in an attractive cash-on-cash return. This seven-building assemblage is in a growing location and has significant upside, with a large percentage of preferential rents.”

The rent-stabilized multifamily portfolio includes seven buildings located at 437-449 and 438-450 61st St., between 4th and 5th avenues. The properties offer a mix of one- to four-bedroom units.

Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.