Manhattan, NY Marcus & Millichap has completed the sale of 420 East 80th St., a 13-story, 155-unit apartment property on the Upper East Side.
The Anton Group of Marcus & Millichap had the exclusive listing to market the property on behalf of an affiliate of Equity Residential, a Chicago based REIT. They also procured the purchaser, a NY-based family business.
“Our team targeted local New York buyers who would underwrite the property aggressively,” said Eric Anton of Marcus & Millichap’s Manhattan office. “We pinpointed several value-add firms that were very enthusiastic about the potential upside and created a competitive bidding environment. We worked closely with all the interested investors and provided detailed research to quantify risks.”
Built in 1961, 420 E 80th St. contains 112,204 rentable s/f and is close to the Second Ave. subway station, Central Park, major hospitals, schools and restaurants.