The sales price of $12.5 million represents $378,788 per unit, $640 per square foot and a capitalization rate of 3.29 percent.
John Stewart, a multifamily investment specialist in Marcus & Millichap’s Manhattan office, represented the seller, Mar-Mart Realty Co. Inc., and also represented the buyer, a New York City-based real estate investor.
“Current ownership had been in place for over 65 years, which offered a buyer the opportunity to reposition the asset. Very few elevator buildings come to market in this area, and the building is on the Gold Coast section of Fifth Avenue,” says Stewart.
“It was very important to the family that the offering be marketed widely and a competitive process executed to ensure the highest price. As expected, many bidders came to the table with strong offers, and the building traded quickly near the asking price with very aggressive terms.”Built in 1906 as a hotel and converted to apartments in the 1940s, 12 Fifth Ave. measures approximately 26 feet by 98 feet. The 19,545-square foot building is on a 26-foot by 100-foot R10-zoned lot with a 10 FAR maximum. There are approximately 6,690 square feet of additional air rights.
12 Fifth Ave contains 14 one-room/no-kitchen units, 12 two-room apartments, four three-room units and two four-room apartments. There are 17 free-market apartments, 12 rent- stabilized units, one rent-controlled apartment, one owner-occupied apartment and one super’s unit. There is also a dentist’s office on the ground floor and a rooftop Metro PCS antenna.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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