News:
Spotlight Content
Posted: January 10, 2011
Lala and Riney of Marcus & Millichap sell six building package for $6.2 million
According to J.D. Parker, VP and regional manager of the Manhattan Marcus & Millichap Real Estate Investment Services office, it has completed the sale of a six building package, 94-unit property located at 2543-2567 Decatur Ave. The asset commanded a sales price of $6.2 million.
Marco Lala, an investment specialist in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor.
"No other firm can access buyers or provide the level of exposure through our cooperating network of brokers and agents throughout Marcus & Millichap's multiple offices," said Lala.
The buyer, a private investor, was secured and represented by Shaun Riney an investment specialist in Marcus & Millichap's Brooklyn office.
The six buildings were sold as part of a seven building portfolio, in conjunction with 2608 Creston Ave.. This sale exemplifies Marcus & Millichap's unique platform encouraging cooperation among all agents throughout its offices across the region.
Nearly two dozen offers were generated for both the portfolio and individual properties maximizing the value for Marcus & Millichap's client, a prominent NYC real estate family with over 1 million s/f of Manhattan office and retail space. The property traded at $65 per s/f. The capitalization rate was 8.4% and multiple of 6.1 times the rent roll.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.jpg)
Columns and Thought Leadership
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
.gif)