NEW YORK, N.Y., Aug. 5, 2011 – Peter Von Der Ahe (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four prime properties – two of which are pride-of-ownership assets – in New York City totaling $63.45 million during the first half of 2011.
Von Der Ahe, a vice president investments in Marcus & Millichap’s Manhattan office, “The first half of 2011 has seen many Manhattan multifamily sales and contract signings. This accelerated pace can be largely attributed to the low cost of capital, as well as the growth in residential rents and increases in employment.”
In Manhattan, Von Der Ahe worked with senior associate Joseph Koicim (top left photo) and associates David Lloyd to negotiate the sale of 220 Park Ave. South (middle right photo) for $20 million.
Located at the corner of Park Avenue South and 18th Street, 220 Park Ave. South has 37 residential units, most of which are studios and one-bedrooms. The 33,638-square foot, nine-story asset also includes four two-bedroom duplex penthouse apartments and one 2,650-square foot retail space currently occupied by Japanese restaurant Haru.
“This building presents the new ownership with many future redevelopment opportunities, including conversion to condos,” says Von Der Ahe. “In this particular submarket, property owners have commanded north of $1,300-plus per square foot for newly constructed condominiums.”
“Foreign investors, funds and a wide array of private investors are interested in Manhattan commercial real estate opportunities,” adds Koicim. “Furthermore, this pride-of-ownership building will only continue to appreciate in value, making this an excellent long-term investment.”
In another example of a trophy-building sale, Von Der Ahe brokered the $33 million sale of the Henry T. Sloane Mansion (middle left photo) located at 18 East 68th St. on Manhattan’s Upper East Side.
The property has limestone facades, 17-foot ceiling, seven granite fireplaces and a marble staircase. An elevator provides access to all floors and to the rooftop gardens overlooking Central Park.
Von Der Ahe marketed the property along with associates Scott Edelstein and Seth Glasser.
“The Henry T. Sloane Mansion is one of New York City’s great homes,” says Von Der Ahe. “It is a classic Beaux Arts-style mansion that could be converted to a single-family home or repurposed as a diplomatic embassy or as an art gallery.”
Further uptown, Von Der Ahe arranged the $8.05 million sale of 203 West 107th St (lower right photo)., a 34,514-square foot, nine-story building with 28 residential units.
“The property received extensive capital improvements, which were major factors in the buyer’s decision to acquire the property. The property was essentially a turn-key asset with significant upside,” says Edelstein.
In an example of the strong demand for multifamily assets in burgeoning Manhattan neighborhoods, Von Der Ahe closed a $2.4 million sale in Chelsea. 308 West 22nd St. is a four-story multi-unit townhouse property that consists of eight one-bedroom apartments with an average rent of $1,543. The property is situated a 20-foot by 99-foot lot.
“This transaction highlighted a perfect example of how the market caught up to the asking price of the building,” says Lloyd.
“Several investors bid on this asset in an effort to acquire a quality building in Chelsea, and we were able to help the seller select the right candidate, which resulted in a smooth closing,” adds Von Der Ahe.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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