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Brokerage
Posted: January 10, 2011
Marcus & Millichap completes $9.2 million sale of 42-unit property; By broker team, Lefkovits, Von Der Ahe and Edelstein
Marcus & Millichap Real Estate Investment Services has completed the sale of 351 West 125th St., a 42-unit mixed-use property, according to J.D. Parker, VP and regional manager of the firm's Manhattan office. The property sold for $9.2 million.
Sean Lefkovits, Peter Von Der Ahe and Scott Edelstein, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented also by Lefkovits, Von Der Ahe and Edelstein.
The property is located at 351 West 125th St.; it was constructed in 1926 and renovated in 1988. The property consists of 36 apartments and six stores. The sale had a CAP rate of 5.5%.
"At approximately 11 GRM and $219,000 per unit, the sale of 351 West 125th St. has exceeded market expectations and demonstrates that investors are still willing to pursue quality assets" said Lefkovits and Edelstein.
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