News:
Brokerage
Posted: July 5, 2016
Glasser, Von Der Ahe, Koicim, and Kahn of Marcus & Millichap arrange $11 million; firm closes 1031 exchange
Seth Glasser, Marcus
& Millichap
Peter Von Der Ahe, Marcus & Millichap
Joe Koicim, Marcus
& Millichap
Barbara Dansker, Marcus
& Millichap
Matt Fotis, Marcus
& Millichap
Preet Sabharwal, Marcus & Millichap
Britt Raymond, Marcus
& Millichap
Andrew Dansker, Marcus
& Millichap
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.”
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Quick Hits
Columns and Thought Leadership
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,
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,
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
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
