Marcus & Millichap : Arranges the Sale of 0.14 Acres in Brooklyn for $22.5 Million
March 27, 2023 at 02:13 pm EDT
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Marcus & Millichap Arranges the Sale of 0.14 Acres in Brooklyn for $22.5 Million
March 27, 2023
BROOKLYN, N.Y., March 27, 2023 - 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 150 Lawrence St., a 19,437-square-foot mixed-use building on a 64.08-foot by 100 foot-lot with 71,990-square feet of air rights in Brooklyn, New York. The asset sold for $22.5 million.
"Located in an opportunity zone, the property has special district C6 - 4.5 DB zoning, which permits a wide range of uses, including towers," said Shaun Riney with Marcus & Millichap in Brooklyn. "Within 100 feet of the property at 47-56 Willoughby St., permits have been filled for a 38-story, 376-foot high-rise that will yield 223,470 square feet, including 290 units of residential and 4,506 square feet of commercial." Riney and Marcus & Millichap's Michael Salvatico and Robbie Ferman had the exclusive listing to market 150 Lawrence St. on behalf of the seller, The Kao Family, and procured the buyer, Solomon Schwimmer.
The property is one block from Fulton Mall, New York City's third-largest commercial center. The Jay Street-MetroTech and Hoyt Street subway stations are one block away and the Borough Hall/Court Street station is three blocks from the property, which places it 10 minutes from Wall Street. Over 11,000 pedestrians pass through Jay and Fulton streets area daily. The Manhattan Athletic Club, Brooklyn Borough Hall and Long Island University, Brooklyn are nearby.
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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.
Marcus & Millichap Inc. published this content on 27 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2023 18:12:08 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
