Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 528-530 Bergen Street, a 6-story residential elevator building, located between 6th Avenue & Charlton Avenue in the Prospect Heights section of Brooklyn, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $8,600,000.
Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and procured the buyer, also a private investor.
“The property offers investors the rare opportunity to purchase a newly constructed elevator apartment building with an extended tax abatement and onsite parking in the prime Prospect Heights section of Brooklyn, New York,” says Fotis.
“Recently, we have seen more interest from unsuspecting buyers for recently constructed apartment buildings with 421a tax abatements in Brooklyn. Ultimately, a local investor in a 1031 exchange purchased the building above our updated asking price,” he adds.
The subject building, consisting of 21 residential units and eleven onsite parking spaces, is ideally positioned two blocks from Flatbush Retail Corridor, affording a short walk to Prospect Park & Barclays Center and three subway stops in Manhattan.
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