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Deals & Dealmakers

Marcus & Millichap arranges the sale of a 28,000 square foot Community Facility

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 555 Remsen Avenue, a 28,000 square foot community facility located in East Flatbush, according to John Horowitz, first vice president/division manager of the firm’s Brooklyn office. The asset sold for $9,600,000.

Jakub H. Nowak and Thomas Brennan, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller.  The buyer, a religious institution, was secured and represented by Yossi Hackner of Sapphire Realty.

Brennan comments, “Our marketing campaign was able to procure two competing purchasers, a large Brooklyn yeshiva and an investor, who sought to out-bid each other and ultimately generated the highest price under favorable terms for our sellers. This sale is indicative of the demand for school and community facility assets in outer-borough markets, one of several we have sold in the post-pandemic environment as a result of investors seeking to redeploy unutilized capital back into the market.”

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