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Brokerage
Posted: August 26, 2013
Marcus & Millichap secure $13.6 million sale of Harlem apartment building; Team of Von Der Ahe, Kunofsky, Edelstein, and Glasser
According to J.D. Parker, first vice president-regional manager of Marcus & Millichap Real Estate Investment Services Manhattan office, the firm completed the sale of 17-27 West 125th St. The asset sold for $13.6 million.
Peter Von Der Ahe, first VP investments, Glen Kunofsky, executive VP investments, Scott Edelstein, VP investments, and Seth Glasser, investment associate, all from Marcus & Millichap's Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the firm's Manhattan team.
The asset is located in Harlem, currently one of Manhattan's most rapidly transforming neighborhoods. "This is an ideal location for both multifamily and retail redevelopment," said Von Der Ahe. "There has been little to no renovation to 17-27 West 125th St. for close to 25 years."
The residential building features 49 apartments, seven retail units, one cell tower, and one super's unit. The property offers 115 s/f of frontage on 125th St.
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