New York, NY Marcus & Millichap has completed the sale of 1469 Saint Nicholas Ave., a six-story mixed-use building located on St. Nicholas Ave. between West 183rd and 184th streets. The asset sold for $6.8 million at a cap rate of 3.9%.
Multifamily investment sales team of Marcus & Millichap led by Peter Von Der Ahe, Seth Glasser, and Jacob Kahn acquired the exclusive listing to market the property on behalf of the seller, a private investor. The team also procured the buyer, another private investor.
The subject property has 22,008 s/f: 23 apartments and three commercial retail stores. The building is 49-ft. by 85-ft. on a 50-ft. by 100-ft. lot and is close to the 1 train and Yeshiva University.
“This was a very well-maintained elevator building that we sold for an estate. Through a quick, competitive process we were able to ensure success with a very quick close,” said Glasser. “The purchaser plans to upgrade and improve the property by renovating apartments and common areas.”