Manhattan, NY Marcus & Millichap has arranged the sale of 102-104 Convent Ave., a 34-unit walk-up apartment building. The $11 million sales price equates to more than $323,000 per unit. Composed of predominantly one- and two-bedroom apartments, the building is located between West 131st St. and 133rd St. across from City College.
“The property has significant upside to be gained from its high percentage of rent-regulated units,” says Seth Glasser of Marcus &Millichap’s local office. “This section of northern Manhattan is rapidly changing and rent growth is on the upswing.”
Seth Glasser, along with Peter Von Der Ahe, Joe Koicim and Jacob Kahn, all in Marcus & Millichap’s Manhattan office, represented the seller and procured the buyer.
Additionally, Marcus & Millichap completed the sale of New 15-Year Absolute Net Manhattan AltSchool to a New York based purchaser who was in a 1031 tax deferred exchange. The purchaser’s relinquished property was exclusively sold by Barbara Dansker and Matt Fotis of Marcus & Millichap.
Preet Sabharwal and Britt Raymond, Marcus & Millichap’s National Net Lease Team members, represented the purchaser during the 1031 exchange. Arthur Kaplan and Lisa Sickinger, of Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a developer. Andrew Dansker of Marcus & Millichap’s MMCC Corp. procured the financing. The 4,753 s/f net-leased property is located at 310 East Houston St. The asset sold for $6.005 million.
The listing period produced multiple offers.
Raymond said, “The investor’s goal was to reduce landlord responsivity and increase cash flow through a 1031 exchange into a net lease asset in a core market. We were able to achieve this on the purchase of the AltSchool.”
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