Marcus & Millichap brokers $10.3 million sale of mixed-use building

Manhattan, NY Marcus & Millichap negotiated the sale of 212 Eighth Ave., an 18-unit mixed-use property in the Chelsea neighborhood. The asset sold for $10.3 million.

“212 Eighth Avenue closed at $1,041 per s/f,” said Joe Koicim of Marcus & Millichap in New York City. “The purchaser was a repeat client of the team, representing foreign capital investing in the New York City market.”

Koicim of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.

The 9,891 s/f building is on a 2,723 s/f lot. It was built in 1900 but has been recently renovated. The property includes 17 apartments: 10 studios, five one-bedroom units and two two-bedroom units. All feature washers and dryers, Italian-made cabinetry, oak flooring and Carrara marble-inspired bathrooms. 76% of the apartments are free market. The ground-floor commercial unit is occupied by Heavenly Markets & Deli and contains 900 s/f with 133.92 ft. of wraparound frontage.

The property is near the High Line, Little Island, and Chelsea Market, as well as retail, dining and cultural institutions. The area is anchored by major employment hubs, including Google’s NYC campus and Hudson Yards. It is close to the 23^rd St. subway stations, which serve the 1, C and E lines.