Von Der Ahe, Glasser and Kahn of Marcus & Millichap broker $6.8 million;
Represented seller and procured buyer of 1469 Saint Nicholas Avenue

November 06, 2018 - Long Island
1469 Saint Nicholas Avenue - Glen Cove, NY

Glen Cove, NY Marcus & Millichap has completed the sale of 1469 Saint Nicholas Ave., a six-story mixed-use building located on St. Nicholas Ave. between West 183rd and 184th Sts. The asset sold for $6.8 million at a cap rate of 3.9%.

Manhattan-based multifamily investment sales team of Marcus & Millichap led by Peter Von Der Ahe, Seth Glasser, and Jacob Kahn acquired the exclusive listing to market the property on behalf of the seller, a private investor. The team also procured the buyer, another private investor.

Peter Von Der Ahe,
Marcus & Millichap

 

Seth Glasser,
Marcus & Millichap

 

“This was a very well-maintained elevator building that we sold for an estate. Through a quick, competitive process we were able to ensure success with a very quick close,” said  Glasser. “The purchaser plans to upgrade and improve the property by renovating apartments and common areas.”

The subject property has a gross s/f of 22,008 and contains 23 apartments and three commercial retail stores. The building is built 49 ft. by 85 ft. on a 50-ft. by 100-ft. lot and is located within walking distance to the 1 train and Yeshiva University.

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