103 Saint Marks Place - Manhattan, NY

Manhattan, NY Alpha Realty has completed the sale of 103 Saint Marks Pl. located in the East Village for $11.535 million.

Lev Mavashev, Alpha Realty

Lev Mavashev and Glenn Raff, the managing partners at Alpha Realty, brokered this transaction. Mavashev represented the buyer, a local private investor with numerous holdings in the area, while Raff represented the seller, a long term owner who’s cared for the building since the early 80’s.

Located on Saint Marks Pl. between Aves. A and First Ave., the six story walk-up featured 21 apartments and 2 stores.

Glenn Raff, Alpha Realty

With competing offers being submitted on a daily basis the deal ended up trading at a 3.1% cap rate.

“Several competitive offers were entertained and in the end the owner sold it to someone he believed would pay his price, but more importantly show the kind of appreciation he has had over the last 30 years” said Raff.

Mavashev added, “With one call, the buyer immediately recognized this great opportunity to purchase an East Village building with plenty of unrealized potential.”