Marcus & Millichap Sells Four-Building Apartment Portfolio on Manhattan's West Side for $16.65M

Located in two of the city’s most desirable neighborhoods – Fashion Center and Hell’s Kitchen – this portfolio commanded a price of $231,250 per unit.

NEW YORK N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the $16.65 million sale a four-building portfolio consisting of 72 rental units on Manhattan’s West Side. (middle left photo)

Ideally located in the Fashion Center and Hell’s Kitchen neighborhoods, the portfolio traded at $231,250 per unit, or $421.73 per square foot. The portfolio sold at a cap rate of 4.87 percent cap rate and a GRM of 15.

Peter Von Der Ahe,(top right photo) an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Manhattan, and Joe Koicim, (top left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, a locally based investor.

Said Boukhalfa, an investment specialist in the firm’s Brooklyn office, along with Von Der Ahe and Koicim represented the buyer, a Brooklyn-based investor.

“This portfolio allowed the investor to acquire four well-maintained multi-family buildings in a tight market with tremendous opportunity for rent growth,” says Von Der Ahe.

The portfolio includes:

· 529 West 48 Street: Located between 10th and 11th Avenues, the 11,310-square foot, five-story apartment building features 21 units situated on a 25-foot by 100-foot lot.

· 534 West 50th Street: Situated between 10th and 11th Avenues, the 10,750-square foot, five-story apartment building features 21 units situated on a 25-foot by 100-foot lot.

· 317 and 319 West 35th Street: These two buildings between 8th and 9th Avenues total 17,420 square feet with 26 apartments and 4 retail units. Under the current zoning there are an additional 31,941 square feet of air rights.

"The two buildings on West 35th street combined make up 50 feet of frontage right off of 8th Avenue”, says Koicim, "And with the additional available air rights, it is a prime candidate for a future residential or hotel site situated one block from Pennsylvania Station."

All four properties recently received upgrades, including new boilers, burners, electrical service and water mains.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716
http://www.marcusmillichap.com/