$80.75 Million Manhattan Mixed-Use Portfolio Sold by Marcus & Millichap

  

                             3143, 3147 and 3149 Broadway, Upper West Side, New York City

  

Marco Lala

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 the Upper West Side Portfolio, a six-property mixed-use commercial real estate portfolio in Manhattan’s Upper West Side featuring 152 multifamily units and 7,900 square feet of retail.

The $80,750,000 sales price equates to approximately $515,000 per unit.

This is the first time in 30 years that the properties, 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. have changed hands. 

In total, the properties offer 62,655 square feet of air rights, providing the option of future development projects.

All of the buildings are located near New York City universities, including Columbia University, City College and Barnard College. 

Many of the buildings’ existing tenancy consists of current and former students of these intuitions. 

500 Cathedral Parkway, Upper West Side
New York City, NY

Columbia’s planned 6.8 million-square foot expansion will further solidify this area as a high-demand location for students and young professionals.

            Marco Lala, in Marcus & Millichap’s Manhattan office, represented the seller and the buyer, both private investors and repeat clients of the firm.

            “This transaction underscores the continued strength of New York City’s multifamily marketplace in general and above 96th Street in particular,” says Lala.

 “The portfolio possesses a difficult-to-find combination of free-market units, rent-stabilized tenants and a select group of retail stores that creates a stable investment with significant upside potential.”

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

Gina Relva

Public Relations Manager

(925) 953-1716