NEW YORK, NY, May 10, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 680 Saint Nicholas Ave (top left photo), a 117-unit apartment building with five retail tenants and a cell phone antenna.
The sales price of $23,650,000 equates to $202,137 per unit and $179 per square foot.
Peter Von Der Ahe (middle right photo), a first vice president investments, Scott Edelstein (middle left photo), an associate vice president investments, and Seth Glasser (lower right photo), an associate, all in Marcus & Millichap’s Manhattan office, represented the both the buyer and the seller.
“This asset is the largest single building sold in Harlem this year and one of the fewer than 10 100-plus-unit apartment buildings sold in Manhattan thus far in 2012,” says Von Der Ahe. “The sale reflects the interest many investors have in this segment of the affordable housing market.”“Investors are drawn to affordable housing’s consistent cash flow and long-term upside,” adds Edelstein. “680 Saint Nicholas Ave. is a prime corner building with a housing assistance payment contract in place through 2015.”
The eight-story elevator building is built 80-feet by 90-feet and sits on a 184-foot by 101-foot lot: block: 2051, lot: 0054 in the C1-4/R7-2 zone. The unit mix features 83 percent one- and two-bedroom apartments.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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