$15.5 Million Manhattan, NY Apartment Building Sale Arranged by Marcus & Millichap

974 Saint Nicholas Avenue Apartments, Washington Heights Neighborhood,
Manhattan, NY          

Scott Edelstein

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 974 Saint Nicholas Ave., a six-story, 47-unit elevator building in Manhattan’s Washington Heights neighborhood. 

The $15.5 million sales price equates to $330,000 per unit.

  Located between 159th and 160th streets with 127 feet of frontage on Saint Nicholas Avenue, the building features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. 

Recent renovations include new parapets, new elevator and mechanicals, new stone flooring throughout the common areas, new hallway lighting and a full roof replacement.

The units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops.

Rafi Moskowitz

            Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, all in Marcus & Millichap’s Manhattan office, represented both the seller and buyer.

            “As the rental market around nearby Columbia Presbyterian Hospital and Yeshiva University continues to grow, the new owner can anticipate tremendous growth from the property’s free-market rental income,” says Glasser.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$10.1 Million Mixed-Use Property Trades in Manhattan, NY

  

70 University Place, Manhattan, NY

Matthew Fotis

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 70 University Place, a 7,917-square-foot mixed-use property in Manhattan’s Greenwich Village.

 The $10.1 million sales price equates to $1,276 per square foot.

            Matthew Fotis, Samuel Muhs, Robert Aaron and Sam Hoefle, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer, both private investors.

            “70 University Place provided a unique opportunity for a buyer to immediately benefit from a recent substantial increase in retail value on this corridor, along with below-market apartment rents that will increase over time,” says Fotis.

            Situated between East 11th Street and East 10th Street in Greenwich Village, 70 University Place is three blocks from the 14th Street-Union Square subway station.

Samuel Muhs

The commercial real estate asset is a front-and-rear building above a ground-floor retail space. The front portion contains eight one-bedroom apartments above the retail space and the rear structure contains two apartments. There is a shared patio between the two sections.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Two Midtown East Multifamily Buildings in Manhattan, NY for $13.3 Million

322 East 59th Street Apartments, Sutton Place, Manhattan, NY

Peter Von Der Ahe

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 two five-story mixed-use walk-up buildings in Manhattan: 322 East 59th St. and 328 East 59th St.

The total sales price for the two assets is $13,300,000.

            Peter Von Der Ahe, Joe Koicim, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer, both private investors.

            “These are two prime mixed-use buildings located in upscale and booming Sutton Place,” says Von Der Ahe. “Both assets are well positioned to provide the new owner with strong, diversified cash flow and long-term upside.”

The properties are located on East 59th Street between First Avenue and Second Avenue, blocks from the Queensboro Bridge and the 59th Street subway stop.

322 East 59th Street and 328 East 59th Street
Sutton Place Neighborhood, Manhattan, NY

 The buildings are composed of 34 one-bedroom residential apartments, four retail units and a cell tower.

            The retail tenants are Bedford Barbers, Sasabune Express, T Gardens New York Hair Salon and Jane Packer.

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

Gina Relva

Public Relations Manager

(925) 953-1716