Von Der Ahe, Edelstein, Kunofsky, and Lefkovits of Marcus & Millichap Sells a 42-unit apartment building for $8.9 million

Marcus & Millichap Real Estate Investment Services has arranged the sale of 1090 Saint Nicholas Avenue, a 42-unit apartment property, according to J.D. Parker, vice president and regional manager of the firm's Manhattan office. The asset commanded a sales price of $8,900,000. Peter Von Der Ahe, first vice president investments, Scott Edelstein, vice president investments, Glen Kunofsky, executive vice president investments and Sean Lefkovits, investment associate in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and secured the buyer. The buyer was drawn to the property because of the proximity to the hospitals, with hopes of being able to raise rents through upgrades and renovations as wealthier medical professionals moved into the neighborhood. The subject property is located in a neighborhood anchored by numerous medical institutions including New York Presbyterian Hospital. The residential units are mostly rent-stabilized with rents averaging 15 percent below the market rate. "The new developments and services coming into the area are drawing workers from all over the city," Von Der Ahe said. "Over time, the buyer will reposition the property, which means a higher quality of tenant made up of nurses, medical students, and other people from the medical industry."