Wednesday, November 12, 2014

Marcus & Millichap Sells Two Upper East Side New York City Apartment Buildings for $13.3 Million

312--314 East 91st Street, Upper East Side
Manhattan, NY
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 312-314 East 91st St., two five-story walkup multifamily buildings with a total of 30 residential apartment units on Manhattan’s Upper East Side.

The $13.3 million sales price equates to $443,333 per unit.

            Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer.

            “The buildings are two 25-foot-wide apartment properties with a predominantly free-market rent roll,” says Koicim. “With strong in-place cash-flow, the assets provide short-term rental stability and a future upside through the rent-regulated apartments, which are often significantly below market rate.”

Joseph Koicim
            The buildings are located on East 91st Street between First Avenue and Second Avenue near the No. 4, 5 and 6 trains and will benefit tremendously from the completion of the Second Avenue subway line.

            The unit mix is 19 two-bedroom apartments and 11 one-bedroom units. The buildings are zoned R8B and include 2,214 square feet of unused air rights.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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