Lease Beat

Marcus & Millichap Moving South on Madison Avenue

260 Madison Avenue.

Marcus & Millichap will move its New York office across the street to 260 Madison Avenue after signing a lease with the Sapir Organization.

The California-based real estate investment firm is leaving 270 Madison Avenue for a 37,000-square-foot space at 260 Madison Avenue, The Real Deal first reported. The 10-year lease puts Marcus & Millichap on the fifth floor of the building between East 38th and East 39th Streets. Read More

Sales Beat

Astoria Multifamily Trades for $4.3M

43-18 25th Avenue

Triena Capital Partners purchased Casabianca Realty’s 14-unit residential and retail property at 43-18 25th Avenue in Astoria, Queens for $4.3 million, Commercial Observer has learned.

After an earlier potential buyer’s contract for a $3.7 million sale of the steady, rent-accumulating property fell through, a team from Marcus & Millichap took over the listing and gathered 20 offers during 45 days on the market, said broker Lazarus Apostolidis. Read More

The Sit-Down

Rising Broker, Rising Markets: Derek Bestreich of Marcus & Millichap

Derek Bestreich

The success of Derek Bestreich’s eight-member investment sales team at Marcus & Millichap’s Brooklyn office embodies that of the borough’s next emerging markets. The group overseen by the married 32-year-old Park Slope resident closes sales in neighborhoods like Bed-Stuy, Crown Heights, Lefferts Gardens and East Flatbush that represent the next wave of booming Brooklyn real estate. The University of Texas graduate with Queens roots began his career in New York City shortly after college as a cellular lease buyer for an asset-backed securities company, where he was cold-calling potential sellers and “hoofing it miles a day,” he said.

He started at Marcus & Millichap in 2009. The winner of the firm’s national achievement award for 2014, Mr. Bestreich also won his office’s rookie of the year and mentor of the year awards. Commercial Observer visited the firm’s Downtown Brooklyn office to talk with the broker who closed 90 investment properties in rising Brooklyn markets for a total of $185 million in transactions from 2009 to the summer of 2014, according to the company. Read More

On the Market

Bay Ridge Medical Office Building Asking $8.1M

9020 Fifth Avenue (Brooklyn)

Marcus & Millichap has placed a 24,829-square-foot medical office building in the Bay Ridge section of Brooklyn at 9020-9024 5th Avenue on the market with an asking price of $8.1 million, or $326 per square foot, Commercial Observer has learned.

The building includes a parking garage, an anchor tenant in Mount Sinai Hospital’s New York Eye & Ear Infirmary and 16,265 square feet of unused space, and it sits five blocks from the 86th street retail corridor. Read More

Sales Beat

Bronxdale Multifamily Sells for $16.5M

2141 Holland Avenue

Marlin Management of NY purchased an 86-unit multifamily building with 6,000 square feet of retail space at 2141 Holland Avenue in the Bronxdale area of the Bronx for $16.5 million in a transaction that closed July 28, according to public records.

Marcus & Millichap broker Marco Lala negotiated the sale on behalf of longtime owner Monad Realty, a company owned by a retired police officer who now lives in Florida and made a smart decision not to sell a few years ago. Read More

Sales Beat

UES Multifamily Buildings Sell for $11.75M

Upper East Side Multifamily Buildings

Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.

The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction. Read More

Sales Beat

Queens Dollar Tree Location Trades for $4.6M

78-02 Metropolitan Avenue

Marcus & Millichap announced yesterday the sale of a Dollar Tree location in Middle Village, Queens for $4.6 million.

The seller of the property, at 78-02 Metropolitan Avenue, was Bryce Realty & Development, a Queens-based merchant retail developer and owner. The buyer was a private investor based in Howard, Beach, Queens and was represented in the sale by Weichert Commercial, according to a M&M spokeswoman. Read More

On the Market

Marcus & Millichap Lists $14.5M East Williamsburg Loft Apartment Building

60 Stagg Street

Marcus & Millichap is asking $14.5 million, or $450 per square foot, for a 25-unit, 32,228-square-foot converted loft rental apartment building at a former factory at 60 Stagg Street in East Williamsburg, Brooklyn, Commercial Observer has learned.

Shaun Riney, James Saros, and Michael Salvatico of Marcus & Millichap’s Brooklyn office are marketing the 1950 structure near that changed into residential units of 710 to 1400 square feet roughly ten years ago. Read More

On the Market

Eagle Provisions Company Building Listed for $9M in Slope South [Updated]

626-630 Fifth Avenue

Park South Slope beer and foods favorite Eagle Provisions Company’s building at 626-630 Fifth Avenue is available fully vacant to any buyers willing to pony up $9 million for the potential development site, Commercial Observer has learned.

Marcus & Millichap is marketing the three-floor, 17,000-square-foot retail and residential building that can expand its current 9,500 square feet of residential space by 5,500 square feet under current zoning rules, said Jakub Nowak of Marcus & Millichap. Read More

Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.

The building, located between First and Second Avenues, contains 20 apartments—17 of them free market—with 12 one-bedrooms and eight studio units. Read More

Sales Beat

Sunset Park Development Sells for Nearly $20M


Marcus & Millichap has arranged the sale of a 123,785-square-foot, two-story industrial building at 150 52nd Street in Sunset Park, Brooklyn for $19.5 million.

The lot currently holds an industrial building with seven commercial tenants and a 30,631-square-foot open parking lot, but it carries with it 201,930 square feet of total buildable air rights. The demand for development opportunities in the area led to a sale price that came in $2.7 million over the asking price, brokers said. Read More

Sales Beat

Marcus & Millichap Sells Midtown Development Site for $14.3M

1009-1019 Second Avenue

Marcus & Millichap has arranged the $14.3 million sale of a two-story commercial building at 1009-1019 Second Avenue in Midtown East, Commercial Observer has learned.

The 6,205-square-foot property features 42 feet of frontage on Second Avenue between 53rd and 54th streets. Two commercial tenants – Midtown 1015 and Sessions House – currently operate within the property, Read More

Sales Beat

Prime Williamsburg Property Sold for Likely Condo Conversion


Marcus & Millichap has arranged the sale of a six-unit multifamily property at 77 Berry Street in Williamsburg, Brooklyn for $2.6 million, where the new buyer will likely create a boutique condo building.   

At $692 per square foot, the sale was a record for a frame exterior building (with a six- to eight-family capacity) in the neighborhood, said Marcus & Millichap’s Mike Salvatico, who arranged the sale. Read More

Sales Beat

Marcus & Millichap Arranges $5M Chelsea Sale

353 West 20th Street.

Marcus & Millichap has arranged the $5 million sale of a 3,884-square-foot townhouse at 353 West 20th Street in Chelsea, Commercial Observer has learned.

It’s not every day that a 23-foot-wide property hits today’s hot Chelsea market, brokers handling the sale said, noting that the seller “meticulously managed” the property for two decades before deciding to cash in on their investment. Read More