MARCUS & MILLICHAP ARRANGES THE SALE OF A 70,000-SQUARE FOOT MIXED-USE BUILDING

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 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 3605 29th Street, a 70,000-square foot mixed-use property located in Queens, NY, according to Susan Bands, regional manager of the firm’s Manhattan office. The asset sold for $15,500,000.

Matt Fotis and Lazarus Apostolidis, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Matt Fotis and Lazarus Apostolidis.

Fotis comments, “Demand for rent regulated apartment buildings remains high as we continue to see more buyers return to the market for these assets. In less than 30 days we had over a dozen competitive offers and ultimately, an owner from the neighborhood wanted it the most.”                                                                                              

3605 29th Street is located at 36-05 29th St in Queens, NY. The property is a corner elevator building that hosts 70 rent regulated apartments and 5,000 square feet of retail.

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