Marcus & Millichap : Brokers $9.4M Sale of Bank of America Property in Brooklyn

NEW YORK, May 2, 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 6,250-square-foot Bank of America in Brooklyn, New York, for $9,382,000. Bank of America has occupied this location since 2006, and it recently extended its lease through 2034 with multiple renewal options.

"Even in this market, with rising interest rates, there is still a ton of demand for credit-tenant backed retail properties with long-term leases," says Scott Plasky. "This site not only has Bank of America on a corporate guaranteed lease through 2034, but it also has almost 29,000 square feet of buildable space on a street where condos are selling for $1,400 per square foot. The site has virtually zero management, making it a fantastic deal, and we saw a tremendous amount of activity."

Scott Plasky and Alexander Arustamian, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller.

The single-story retail building is situated at 449 Myrtle Ave in Brooklyn's prime retail corridor, Clinton Hill neighborhood, and falls within a qualified opportunity zone. The property is surrounded by local and national retailers, including Dunkin', Walgreens, and the UPS Store. Additionally, it is located within a couple of blocks of St. Joseph's University, Pratt Institute, and Long Island University Brooklyn.