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Brokerage
Posted: November 12, 2024
Koicim, Markley and Colin of Marcus & Millichap broker $5.75 million sale of 32 Avenue A
Manhattan, NY Marcus & Millichap brokered the sale of a four-story mixed-use building located at 32 Avenue A in the East Village for $5.75 million.
“This fully renovated asset, which was 100% occupied at the time of sale, benefited from the protected tax class status 2A,” said Zan Colin. “The buyer was in a 1031 exchange and will capitalize on the building’s strong cash flow.”
Joe Koicim, Logan Markley and Colin, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
The 4,708 s/f building includes three renovated apartments, each featuring high-end finishes, and one retail unit occupied by Mary O’s Irish Pub. The sale also included 1,980 s/f of unused air rights, offering potential for future development or expansion. Approved plans for the property allow for the addition of private outdoor terraces to two of the apartments.
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