Salmon & Marshall completes $5.9 million sale of 28-unit apartment building

A 28-unit, 16,212- s/f apartment building with two commercial units, located at 142 Sullivan St. has traded for $5.9 million. Salmon & Marshall partners Kevin Salmon and Matthew Marshall represented the long-term owner and also procured the buyers Jordan Vogel and Aaron Feldman of Benchmark Real Estate Group, LLC. "This was a great opportunity for Benchmark to acquire such an asset at this time as opposed to 15 months ago when the cap rate would have been close to 3.5% and possibly 15 times the rent roll," said Salmon. "Now that the market is correcting itself, they were able to acquire this property that offers tremendous upside at a real 6 CAP - a multiple of 10 times." The subject property is located within one block of West Houston St. and is in close proximity to Washington Sq. Park.