News:
Brokerage
Posted: October 15, 2024
Marcus & Millichap brokers $5.95 million sale of mixed-use building
Manhattan, NY Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, have completed the sale of 133 Eldridge St., a five-story mixed-use building for $5,95 million.
"Delivering a fully vacant building in a high-interest-rate environment presents unique challenges when most buyers are focused on cash flow,” said Joe Koicim.
"However, the buyer has the experience and the right team to unlock the full potential of this asset," said Logan Markley. "Ultimately, the buyer will reposition the retail space and create the legal light and air required for residential use on the upper floors."
Koicim and Markley, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor with assets nearby.
Situated on the west side of Eldridge St. between Broome and Delancey streets, the mixed-use building features ground-floor retail space with residential units above. Located in the Lower East Side, the property is surrounded by restaurants, boutiques, upscale nightlife, and is within walking distance of subway lines.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
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,
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
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
