Manhattan, NY According to John Krueger, regional manager and VP of Marcus & Millichap’s local office, the firm has completed the sale of 36 Walker St. for $9.25 million.
Barbara Dansker exclusively represented the seller, a private investor. Dansker also procured the buyer, an active locally-based owner/manager.
36 Walker is a five-story walk-up building located in Tribeca’s East Historic District. The building retains its original tin ceilings, windows, and interior brick walls. Delivered vacant, the mixed-use site offers the buyer 11,336 s/f of redevelopment opportunity in one of the borough’s most desirable neighborhoods.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,