Marcus & Millichap's Manhattan Office Closes $73M in Key Real Estate Transactions

Sales volume remains strong as the capital markets continue to tighten

NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that its Manhattan office recently closed $73.1 million in major commercial real estate transactions, even as sales velocity nationwide continues to decline, according to Edward Jordan, (top right photo) regional manager of Marcus & Millichap’s Manhattan office.

“Despite the upheaval in the nation’s financial markets, Marcus & Millichap’s Manhattan office recently executed multiple large transactions that signify our unique ability to add value to investors in the New York Metropolitan marketplace,” says Jordan.

The transactions included 150 West 83rd St., a 30,848-square foot parking garage (Central Parking System) in the heart of the Upper West Side. The property’s sales price of $21.5 million represented $697 per square foot.

Barry Kimchy, a senior associate in the Manhattan office, managed the exclusive marketing process on behalf of the seller.

Another significant sale was 355 Seventh Ave., a 14,320-square foot three-story mixed-use building located one block from Penn Station and Madison Square Garden. The $17.375 million sales price represented $1,213 per square foot.

Kimchy and investment specialist Christopher Sjurset represented the seller. Investment specialists Ross Mezzo and Benjamin Bottner, also in Manhattan, represented the buyer.

The Manhattan office also negotiated the sales of 37 Kenmare St., 240 West 38th St., 1961-1967 Amsterdam Ave. , 150 West 84th St., 2722 Eighth Ave., 493 Second Ave. and 131 West 80th St.

Brokers in these transactions were Peter Von Der Ahe, (bottom left photo) vice president investments and senior director of the firm’s National Multi Housing Group, senior associate Stephen Matri, multi-family investment specialists Joe Koicim and Sjurset, and investment specialist Scott Edelstein, in Manhattan.

Ben Sgambati, an associate vice president investments and director of Marcus & Millichap’s Net Leased Properties Group and Jin Lee, a retail investment specialist, both in the firm’s New Jersey office, participated in these closings as well.

By providing investors with real-time market information and unparalleled access to a nationwide pool of investment capital, Marcus & Millichap will continue to arrange transactions on behalf of private and institutional investors through every market cycle.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716