NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four 5-story apartment buildings consisting of 87 units (above photo) in Manhattan.The selling price of $8.75 million represents $100,575 per unit.
Peter Von Der Ahe, (top right photo) a senior associate in the Manhattan office of Marcus & Millichap, and Scott Edelstein,(middle left photo) an investment specialist also in the firm’s Manh
attan office, represented the seller, Norman Steele. Marcus & Millichap also represented the buyer, Heritage Realty LLC.
attan office, represented the seller, Norman Steele. Marcus & Millichap also represented the buyer, Heritage Realty LLC. “The seller sold this prime property after more than 20 years of ownership, which will allow the new owner to create value through rent growth,” says Von Der Ahe.
Located at 575-587 W. 177th St., the 48,350-rentable square foot property consists of four 5-story buildings situated on a 148-foot by 94-foot lot between St. Nicolas and Audubon avenues.
The asset features a strong mix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. “Average rents are just over $700, leaving ample upside for this investor to increase the NOI,” comments Edelstein.
Press Contact: Stacey CorsoCommunications Department
(925) 953-1716
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