Marcus & Millichap brokers $7.75 million sale of Lower East Side mixed-use building

Manhattan, NY Marcus & Millichap brokered the sale of 259 East Broadway, a six-story mixed-use building in the Lower East Side. The property sold for $7.75 million.

“This sale underscores the continued resilience of the New York City investment market, particularly for well-located, professionally maintained and fundamentally strong assets,” said Logan Markley of the NYM Group of Marcus & Millichap in the firm’s New York City office. “Despite broader market headwinds, investors remain focused on properties that provide long-term upside.”

Marcus & Millichap’s Joe Koicim, Logan Markley and Matt Berger represented the seller, R.A. Cohen, and procured the buyer, a private out-of-state investor.

The 16-unit walk-up spans 12,076 s/f with nearly 120-ft. of wraparound frontage along East Broadway and Montgomery St. The property includes 15 two-bedroom apartments, including eight free-market and seven rent-stabilized units, and a ground-floor retail space leased to Ernesto’s through April 2028. Recent capital improvements include a new roof, upgraded building systems and renovated common areas. The building is near Essex Market and the F train at East Broadway station.

Tags: Brokerage New York City

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