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| 312--314 East 91st Street, Upper East Side Manhattan, NY |
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of 312-314 East 91st St.,
two five-story walkup multifamily buildings with a total of 30 residential
apartment units on Manhattan’s Upper East Side.
The $13.3 million sales price equates to $443,333 per unit.
Joseph
Koicim, Peter Von Der Ahe, David Lloyd and Daniel Handweiler, all in Marcus
& Millichap’s Manhattan office, represented the seller and the buyer.
“The
buildings are two 25-foot-wide apartment properties with a predominantly
free-market rent roll,” says Koicim. “With strong in-place cash-flow, the
assets provide short-term rental stability and a future upside through the
rent-regulated apartments, which are often significantly below market rate.”
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| Joseph Koicim |
The
buildings are located on East 91st Street between First Avenue and Second
Avenue near the No. 4, 5 and 6 trains and will benefit tremendously from the
completion of the Second Avenue subway line.
The unit
mix is 19 two-bedroom apartments and 11 one-bedroom units. The buildings are
zoned R8B and include 2,214 square feet of unused air rights.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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