Marcus & Millichap arranges $16.65 million sale of multifamily property in Manhattan

Manhattan, NY Marcus & Millichap brokered the sale of 312 Bowery, a multifamily property, for $16.65 million.

“Buyer demand was some of the strongest we’ve seen this year due to the scarcity of truly free-market multifamily properties,” said John Stewart of Marcus & Millichap in New York City. “Well-maintained properties in core locations, with no historical rent regulation or with attorney-approved deregulation documentation, will continue to attract the most engaged buyers, with bidding wars and, in some cases, sub-five-cap final pricing.”

Stewart and Dylan Torey of Marcus & Millichap exclusively marketed the property on behalf of the seller, Bremen House, Inc., and procured the buyer, Allied Realty & Development Corp.

The five-story, 23,000 s/f building is on a 5,000 s/f lot between Bleecker and Houston Sts. The property was built in 1920 and converted to multifamily in 2004. It includes 22 modernized free-market apartments. The property has 7,000 s/f of unused development rights and a 3,900 s/f ground-floor commercial space occupied by The Hole, an art gallery.

The building is in the NoHo East historic district, surrounded by boutiques, restaurants, loft buildings and nightlife venues. It is four blocks from Bleecker St., Broadway-Lafayette St. and Second Ave. subway stations, which serve the 6, B, D, F and M lines.