Marcus & Millichap closes Manhattan mixed-use asset sale

Manhattan, NY Marcus & Millichap has completed the sale of 385 Broome St., a 13,000 s/f building with two ground- floor retail spaces and five vacant apartments in the Little Italy neighborhood. The property sold for $10,938,888.

“Offered to the market for the first time in well over 20 years, this sale reflects the continued demand for well-located, value-add assets in Manhattan’s core neighborhoods,” said Peter Dodge of the NYM Group of Marcus & Millichap in Manhattan. “Through our direct outreach and targeted marketing, we created a highly competitive bidding environment with over 15 offers and delivered a clean execution for our client. Despite the current headwinds in the NYC investment market, well-positioned deals are still commanding premium pricing.” Dodge and Marcus & Millichap’s Joe Koicim and Logan Markley represented the seller and procured the buyer.

The building is located on the southeast corner of Broome St. and Mulberry St. between Manhattan’s NoLIta and SoHo neighborhoods. The Elizabeth Street Garden and St. Patrick’s Old Cathedral are nearby. Two subway stations, Bowery and Grand St. are within walking distance. Built in 1900, 385 Broome St. has two one-bedroom units that occupy a whole floor each, two two-bedroom apartments, and one three-bedroom/two-bath unit.