Von Der Ahe and Edelstein of Marcus & Millichap arrange $4.95 million sale

Marcus & Millichap Real Estate Investment Services has sold 1969 Amsterdam Ave., a 35-unit apartment property, according to Edward Jordan, regional manager of the firm's area office. The sales price represents $229.42 per s/f and a 6.98% cap rate on the property's net operating income. Peter Von Der Ahe, VP investments, and Scott Edelstein, an investment specialist, represented the seller, a private investor, and the buyer, a limited liability company. "1969 Amsterdam offered a rare opportunity to acquire solid cash flow in a clean, well maintained building while still retaining significant upside in the residential rents," said Edelstein. "We were also able to sell the building next door to the same purchaser which will hopefully leave them well positioned for long term growth," said Von Der Ahe. The six-story property sits on a 50-ft. by 100-ft. lot on Amsterdam Ave. between 157th and 158th Sts.