Von Der Ahe, Koicim, Boukhalfa of Marcus & Millichap handle $16.65m

450 Atlantic Avenue - Brooklyn, NY


Peter Von Der Ahe


Joe Koicim

Manhattan, NY Marcus & Millichap Real Estate Investment Services has arranged the $16.65 million sale of a four-building portfolio consisting of 72 rental units on the borough's West Side. Located in the Fashion Center and Hell's Kitchen neighborhoods, the portfolio traded at $231,250 per unit, or $421.73 per s/f. The portfolio sold at a cap rate of 4.87% cap rate and a GRM of 15.

Peter Von Der Ahe, an associate vice president investments and director of Marcus & Millichap's National Multi Housing Group, and Joe Koicim, an investment specialist, represented the seller, a locally based investor. Along with Von Der Ahe and Koicim, Said Boukhalfa, an investment specialist in the firm's Brooklyn office, represented the buyer, a Brooklyn-based investor.

The portfolio includes:

* 529 West 48 St.: Located between 10th and 11th Aves., the 11,310 s/f, five-story apartment building with 21 units on a 25´x100´ lot.

* 534 West 50th St.: Situated between 10th and 11th Aves., the 10,750 s/f, five-story apartment building with 21 units is on a 25´x100´ lot.

* 317 and 319 West 35th St.: These two buildings between 8th and 9th Aves. total 17,420 s/f with 26 apartments and 4 retail units. Under the current zoning there are an additional 31,941 s/f of air rights.

All four properties recently received upgrades, including new boilers, burners, electrical service and water mains.

The firm has also recently completed the sale of a mixed-use building located at 450 Atlantic Ave. in Brooklyn for $1.55 million. The sale price reflected $345 per s/f and a capitalization rate of 4.34%. The property contains 4,488 s/f and consists of one retail space and six apartments. The sale was made after being on the market for only three weeks and transacted $100,000 over the asking price.

Matthew Rosenzweig of Marcus & Millichap's Brooklyn office represented the buyer and seller.

With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2007, the firm closed $20.7 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.