News:
Brokerage
Posted: May 19, 2020
Fotis and Traynham of Marcus & Millichap handle $10.4 million sale
Manhattan, NY According to Marcus & Millichap’s regional manager and vice president John Krueger, the firm has completed the sale of 52 Greene St. in SoHo. The mixed-use site sold for $10.4 million, and rated at a 3.52% cap rate.
Marcus & Millichap agents Matt Fotis and Colton Traynham, of the firm’s local office, exclusively represented the seller, a local family. The duo also procured the buyer, an international investor.
52 Greene St. is a mixed-use office and retail building located in the SoHo neighborhood, between Grant and Broome Sts. Encompassing 5,029 s/f across three stories and a finished basement, 52 Greene has one ground-level retail suite and two floor-through office units.
With 4,346 s/f of additional air rights, the sales team said, “The retail market continued to correct and reset throughout the entire process, leaving investors uncertain about future projections.”
“Ultimately, we connected with a buyer who saw value in the available air rights to make this a successful transaction.”
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
