$12 Million Buys Two Manhattan Apartment Buildings

  

Manhattan apartment buildings, 234 East 88th Street and 518 East 88th Street,
Upper East Side, Manhattan, NY

Peter Von Der Ahe

NEW YORK,  NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two five-story walk-up apartment buildings totaling 40 units on Manhattan’s Upper East Side.  They are 234 East 88th St. and 518 East 88th St.

The buildings sold for a total of $12 million, which equates to $300,000 per unit.

 Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also advised the buyer, Aimco.

            “The new owner has acquired a package of predominately free-market units in one of the most mature and stable rental markets in Manhattan,” says Von Der Ahe. “These buildings will benefit from the New York City’s largest subway expansion in generations, the Second Avenue Subway Project.”

Joseph Koicim

            “With stable cash flow in place, the properties will provide a strong immediate return,” adds Koicim. “The five rent-stabilized apartments and the possibility of converting the one-bedroom units into junior two-bedroom apartments are long-term upsides.”

            The building at 234 East 88th St. is located between Second Avenue and Third Avenue and features approximately 16,000 square feet of air rights.

The 518 East 88th St. property is between York Avenue and East End Avenue. It has approximately 1,000 square feet of air rights. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.

David Lloyd

Thirty-five of the units have been deregulated. The common areas for both buildings have been completely renovated and three one-bedroom units have been converted to junior two-bedroom apartments and improved with granite countertops, washers, dryers and video intercom systems.

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

Gina Relva,

Public Relations Manager

(925) 953-1716