Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that the Manhattan-based multifamily investment sales team, led by Barbara Dansker and Steven Lusby, closed two mixed-use properties with a total of 26 units for approximately $15,200,000. The properties are:
162 Third Avenue, New York, one retail unit and fifteen residential units
317 East 5th Street, New York, one retail unit and nine residential units
“Each one of these assets presented a distinct opportunity for upside,” says Dansker. “162 Third Avenue was in excellent condition at the time of the sale as it was meticulously maintained and operated over the past 35 years by the sellers.”
162 Third Avenue, a four-story, mixed-use, corner walk-up building is located on the southwest corner of Third Avenue and 16th Street in Gramercy Park. The 9,500-square-foot building is built full on a 25.5 feet by 100 feet lot with 16,000-square-feet of air rights. It has 15 rent stabilized apartments with an average monthly rent of $1821.
“The buyer was able to purchase a cash flowing asset in a tremendous location near Gramercy Park that has the potential to be developed in the future.” says Lusby.
317 East 5th Street, a six-story, mixed-use walkup building is situated between 1st and 2nd Avenues in East Village. The 25 feet by 54 feet building is built 8,100 square feet on a 25 foot by 97 foot lot that is zoned R8B. The retail unit is 1,350 square feet and has access to the approximate 805 square foot rear yard.
“The building was delivered predominantly vacant. The buyer will have an opportunity to immediately renovate and lease up about 75% of the building.” adds Lusby.
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