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| 70 University Place, Manhattan, NY |
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| Matthew Fotis |
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 70 University Place, a
7,917-square-foot mixed-use property in Manhattan’s Greenwich Village.
The $10.1 million
sales price equates to $1,276 per square foot.
Matthew
Fotis, Samuel Muhs, Robert Aaron and Sam Hoefle, all in Marcus &
Millichap’s Manhattan office, represented the seller and the buyer, both
private investors.
“70
University Place provided a unique opportunity for a buyer to immediately
benefit from a recent substantial increase in retail value on this corridor,
along with below-market apartment rents that will increase over time,” says
Fotis.
Situated
between East 11th Street and East 10th Street in Greenwich Village, 70
University Place is three blocks from the 14th Street-Union Square subway
station.
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| Samuel Muhs |
The commercial real estate asset is a front-and-rear
building above a ground-floor retail space. The front portion contains eight
one-bedroom apartments above the retail space and the rear structure contains
two apartments. There is a shared patio between the two sections.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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