Marcus & Millichap brokers New York apartment deal

Property an REO asset

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Marcus & Millichap negotiated the sale of a 144-unit apartment community in Painted Post, N.Y.

The value of the transaction was $7.3 million.

JPM 2001 C-1 REO LLC sold the property to Woods Edge Apartments of Erwin LLC.

“The property was marketed on a bid basis, which presented numerous challenges,” said Jeffrey Gorodensky, a director of Marcus & Millichap’s National Multi Housing Group. “The property, being a REO asset, raised the issue of molding buyers’ expectations with the expectations of the special servicer. In the end, we were able to procure 12 offers that eventually netted the winning bidder through an extensive marketing campaign targeted at local, regional and national real estate groups.”

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.

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