Friday, March 7, 2014

Manhattan Retail Building Sells for $13.8 Million; part of a 1031 exchange.

  


6 St. Marks Place, East Village, Manhattan, NY


Barbara Dansker

 NEW YORK,, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 6 St. Marks Place, a five-story elevator retail building located between Astor Place and Second Avenue in Manhattan’s East Village.

The $13,875,000 sales price equates to $889 per square foot.

            Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin, all in Marcus & Millichap’s Manhattan office, represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The property is net-leased by three tenants and was 100 percent occupied at the time of the sale.

            “This transaction is part of a surge in 1031-exchange transactions that is increasing the value of the limited number of retail assets in core markets like New York City,” says Sabharwal.

Preet Sabharwal

            The building is located near Cooper Union, New York University and the new 51 Astor Place office building. St. Mark’s Hotel and retailers including Walgreens, McDonald’s, Papaya King, Gap and Kmart are also close by.

            Built in 1900, 6 St. Marks Place was built in 1900 and has a gross leasable area of 15,600 square feet. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Cafe, and St. Mark’s Karaoke occupies the third, fourth and fifth floors. All of the tenants have long-term leases.

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

Gina Relva,
Public Relations Manager
(925) 953-1716


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