Manhattan, NY Marcus & Millichap’s multifamily investment sales team, led by Barbara Dansker and Steven Lusby, closed two mixed-use properties with a total of 26 units for $15.2 million. The properties are:
• 162 Third Ave., one retail unit and 15 residential units.
• 317 East 5th St., one retail unit and nine residential units.
“Each one of these assets presented a distinct opportunity for upside,” said Dansker. “162 Third Ave. 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 Ave., a four-story, mixed-use, corner walk-up building is located on the southwest corner of Third Ave. and 16th St. in Gramercy Park. The 9,500 s/f building is built full on a 25.5 ft. by 100 ft. lot with 16,000 s/f of air rights. It has 15 rent stabilized apartments.
“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,” said Lusby.
317 East 5th St., a six-story, mixed-use walkup building is situated between 1st and 2nd Aves. in East Village. The 25 ft. by 54 ft. building is built 8,100 s/f on a 25 ft. by 97 ft. lot that is zoned R8B. The retail unit is 1,350 s/f and has access to the approximate 805 s/f 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.