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Brooklyn Heights MF Property Sold for $8.8M
A multifamily apartment building at 134 Montague Street in Brooklyn Heights has been sold for $8.8 million. The names of the buyer and seller were not disclosed.
Erected in 2012, the five-story building houses seven units, offering a mix of one, two, and three-bedroom apartments. Led by Shaun Riney, Michael Salvatico, and Andrew Bronsteen, Marcus & Millichap’s Manhattan office handled the property’s exclusive listing, representing the seller and facilitating the transaction with private investors as buyers.
“This property sold at a 5.61% cap rate and is an example of best-in-class assets trading at negative leverage cap rates,” said Riney. “Our team produced 13 competitive offers and sourced a buyer in a 1033 exchange – which is an eminent domain exchange – that most brokers are not familiar with or have access to buyers with those needs.”
- ◦Sale/Acquisition
