Fotis and Hoefle of Marcus & Millichap arrange $11.625 million sale

October 17, 2017 - New York City
Matt Fotis, Marcus & Millichap

 

Sam Hoefle, Marcus & Millichap

 

Manhattan, NY Marcus & Millichap has brokered the sale of 321 West 11th St., a 10,400 s/f mixed-use property located in the West Village section, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $11.625 million.

Matt Fotis and Sam Hoefle of Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a LLC, and then procured the buyer, a local private investor.

“321 West 11th St. is a good example of prime locations maintaining high values as the market transitions.” said Fotis.

“After generating eighteen offers in writing in a 30-day period we ended up selling the building to a generational owner in the neighborhood who sees the current market as a great opportunity to increase their existing portfolio.”

321 West 11th St. is located between Washington St. and Greenwich Street, steps away from the High Line Park, Chelsea Market and Meatpacking District. The property consists of two retail units, ten studio apartments and eight one-bedroom apartments.

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