Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-story mixed used building in Brooklyn, New York. The asset was sold for $4.9 million.
“The sale of the medical office and retail building at 1670 East 17th St. for $450 per square foot is a recent area price record for this type of asset,” said Jakub Nowak. “While the broader NYC office market experiences a slow-down due to high interest rates and hybrid work, user demand for strategically located assets remains strong.”
Nowak, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The mixed-use building is situated at 1670 E 17th St., between Kings Highway & Quentin Road in the Sheepshead Bay neighborhood of Brooklyn. The property, spanning 10,900 square feet, includes retail and office units. Each floor has four suites, totaling 12 units, with a storage unit in the basement. The current zoning permits an additional 4,700 SF to be added to the property.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
