Marcus & Millichap has arranged the sale of 40 Nostrand Ave., a four-story, mixed-use building with retail and six residential units, located between Flushing and Park avenues in the Bedford-Stuyvesant section of Brooklyn. The property traded for $2 million.
The firm’s Matt Fotis and Dylan Renicker represented the seller, a private investor, and procured the buyer, also a private investor. John Horowitz, regional manager of Marcus & Millichap’s Brooklyn office, acted as the broker of record.
“40 Nostrand is a large building for the number of units inside, which presents a great opportunity for the new owner,” said Fotis. “These small multifamily and mixed-use buildings continue to attract plenty of attention from both local and out of market buyers.”
The property, offering an attractive unit mix with low average rent, is located on the Nostrand Avenue retail corridor, with 32.25 feet of retail frontage on Nostrand Avenue.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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