Marcus & Millichap : Sells Office Over Retail Property in Queens New York for $7.1M
April 19, 2024 at 06:48 pm EDT
Share
Press Releases
Marcus & Millichap Sells Office Over Retail Property in Queens New York for $7.1M
April 18, 2024
LinkedIn Email App
NEW YORK, April 18, 2024 - 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 12,320-square-foot mixed-use property in Queens, New York, for $7,150,000.
Anthony Cerrone and Michael Tuccillo, investment specialists 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. "Even in this challenging high-interest-rate environment, we were able to find a buyer comfortable with an as-is 4.5% capitalization rate. With the assistance of Marcus and Millichap's Capital Corporation, we procured the buyer with a low-leverage loan from a bank comfortable lending on a low cap rate deal. The buyer felt at ease parking their money close to home on Bell Blvd, a prominent thoroughfare in the heart of Bayside," said Cerrone.
The mixed-use property at 36-41 Bell Blvd. is situated in the Bayside neighborhood. The two-story building includes 12 commercial units with ground floor retail space and offices on the second floor, along with on-site parking. The property is located in a retail corridor with nearby national retailers, including Dunkin', 7-Eleven, and Chase Bank.
# # #
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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
Attachments
Original Link
Permalink
Disclaimer
Marcus & Millichap Inc. published this content on
18 April 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
19 April 2024 22:47:06 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. 
