Marcus & Millichap brokers $7.5 million sale of mixed-use property in Theater District
Manhattan, NY Marcus & Millichap negotiated the sale of 140-142 West 46th St., two mixed-use buildings in the Theater District near Times Sq. The asset sold for $7.5 million.
Colton Traynham, along with Matt Fotis and Michael Weinstein of Marcus & Millichap, exclusively marketed the property on behalf of the seller and procured the buyer.
The 12,675 s/f property consists of two five-story buildings between Sixth Ave. and Seventh Ave. The asset includes six free-market apartments, five rent-stabilized apartments and one two-level restaurant space delivered vacant.
The property is within walking distance of Times Square, Rockefeller Center and several major hospitality and entertainment destinations in Midtown Manhattan.
“Well-located mixed-use assets with vacant retail continue to attract strong end-user demand. In this case, we generated a sale approximately 10% above traditional investment value by identifying a restaurateur seeking to expand their Manhattan footprint,” said Colton Traynham in Marcus & Millichap’s New York City office. “The approximately 5,200 s/f, two-level restaurant component was a major driver of interest and ultimately helped create a premium outcome for a generational seller who had operated a restaurant at the properties for many years. The transaction also marked the first sale of the assets in more than 20 years.”