Marcus & Millichap arranges $11.4 million sale of mixed-use property in Manhattan

Manhattan, NY Marcus & Millichap negotiated the sale of 196 Bowery, a mixed-use property in the NoLita neighborhood. The asset sold for $11.4 million.

“As regulatory changes have pushed the rental market to new records, the sales market has followed suit,” said Matt Fotis of Marcus & Millichap in New York City. “Mixed-use buildings that are free of complex regulatory history continue to command the strongest demand and pricing.”

Fotis, along with Colton Traynham and Michael Weinstein of Marcus & Millichap exclusively marketed the property on behalf of the seller, Bowery Square Corp., and procured the buyer, Javeri Capital.

The eight-story, 13,000 s/f building is on a 0.6-acre lot between Spring and Prince Sts. The property includes seven upscale apartments with private terraces and private keyed elevator access, as well as a ground-floor retail unit occupied by Genyth Tattoo.