Marcus & Millichap handles two sales totaling $37.15 million

Manhattan, NY According to Marcus & Millichap, the firm has completed two sales totaling $37.15 million:

Marcus & Millichap completed the sale of 555 Edgecombe Ave., a National Historic Landmark apartment asset located in the Washington Heights neighborhood. The 128-unit elevator building sold for $26.75 million. Joe Koicim, and Benny Katz of Marcus & Millichap’s local office, had the exclusive listing to market the property on behalf of the seller, a private investor. The team also secured the buyer, another private investor.

“We are extremely proud to have closed this transaction given the roughly five years spent on and off market and the historic nature of the asset,” said Seth Glasser. Glasser,

Constructed between 1914 and 1916, the building has 13 floors and a penthouse. Known for its famous tenants, including Count Basie, Joe Louis and Paul Robeson, the building was designated as a National Historic Landmark in 1976 and as a New York City landmark in 1993.

Marcus & Millichap completed the sale of 40 Cannon, a 62,016 s/f mixed-use property in Poughkeepsie, according to Susan Bands, regional manager of the firm’s Westchester office. The asset sold for $10.4 million. Joseph French Jr., Kodi Traver, and Matthew Gault, investment sales specialists in Marcus & Millichap’s Westchester office, had the exclusive listing to market the property on behalf of the seller, a private investor. Steven Rock of Marcus & Millichap Capital Corp. arranged the financing for the buyer.

French said, “Due to the demand for multitenant properties in Hudson Valley, it required the brokerage team to identify the most qualified buyer who could close this deal amidst the volatile debt market. Upon identifying the best buyer, we were able to close even with interest rates increasing daily.”

The building was a former gut-renovated hotel that ownership renovated into a premier luxury site and was 100% occupied at time of sale.