New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Cobble Hill Mixed-Use Property Changes Hands for $8M
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Marcus & Millichap has brokered the sale of an 8,875-square-foot mixed-use building at 162-164 Court St. in the Cobble Hill section of Brooklyn. The asset traded for $8 million at a cap rate of 3.87%.
The firm’s Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay had the exclusive listing to market the property on behalf of the seller, a private investor. The team also procured the undisclosed buyer.
“162-164 Court St. is a well-located mixed-use building with below market long-term commercial leases,” said Kay. “Despite market headwinds that have recently slowed the retail sales along Court Street, Nowak & Partners of Marcus & Millichap was able to create a competitive bidding environment resulting in a non-contingent deal and a competitive price for our seller.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
