Marcus & Millichap brokers four sales totaling $10.495 million; Includes $5.775 million for a 17,720 s/f Pep Boys by Plasky

According to J.D. Parker, regional manager of Marcus & Millichap Real Estate Investment Services' Manhattan office, the firm has completed four sales totaling $10.495 million. The deals include the following: * The $5.775 million sale of Pep Boys, a 17,720 s/f single-tenant net-leased property located at 1941 Forest Ave. Scott Plasky, an investment specialist at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a fund manager. "The property traded for a 7.69% capitalization rate, which shows how the demand continues to be for single-tenant net-leased properties in metro New York" said Plasky. * The $2.75 million sale of 535 East 87th St., an eleven-unit apartment building. Joe Koicim and Peter Von Der Ahe, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an out of state landlord and represented the local buyer. "Marcus & Millichap's unique marketing strategy and ability to access buyers from different markets is the reason the seller chose to exclusively list the property with us and is what enabled us to conduct over 50 tours and bring in 20 written offers resulting in a bidding war amongst buyers. The transaction concluded with the ultimate bidder signing an as is contract with no changes made," said Koicim. "Eight of the units were vacant in need of complete renovations; fortunately we were able to locate a 1031 exchange buyer who was able to close all cash," said Von Der Ahe. * The $1.11 million sale of 141-143 East 149th St., a mixed-use building located in the Bronx. Von Der Ahe, Scott Edelstein and Koicim, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Adelaide Polsinelli, Koicim, Von Der Ahe, and Edelstein. The property is a mixed-unit consisting of four stories with 11 units; there are seven four bedrooms, two three bedrooms, one two bedroom unit and a restaurant. The buyer had recently acquired a building nearby and was looking to expand his holdings in the specific neighborhood. "Our strong relationships with the buyer, seller and their attorneys, made this a smooth transaction" said Koicim. "This is a noteworthy transaction because it was a return to the basic elements of real estate investing," said Polsinelli. "This trend signifies that it is business as usual for the seasoned investors who are experts at finding opportunities." * The $860,000 sale of 1992 Davidson Ave., a 16-unit apartment property in the Bronx. Koicim and Von Der Ahe had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Koicim and Von Der Ahe. The property is an elevator building consisting of 16 units; three three-bedrooms, six two-bedrooms and seven-one bedroom units. The buyer owns other properties on the block and it made a lot of sense for him to acquire the building based on economies of scale. "We were able to procure a qualified, all cash buyer who closed the transaction in a timely manner with no contingencies" said Von Der Ahe and Koicim.