Von Der Ahe, Koicim and Lloyd of Marcus & Millichap broker $6.675 million sale of The East 89th Street Package

Marcus & Millichap Real Estate Investment Services has completed the sale of The East 89th St. Package, a total of 39 units, according to J.D. Parker, VP and regional manager of the firm's Manhattan office. The asset commanded a sales price of $6.675 million a gross rent multiplier of 10.4, and a capitalization rate of 5.4%. Peter Von Der Ahe, Joe Koicim, and David Lloyd, investment specialists at Marcus & Millichap's Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Peter Von Der Ahe, Joe Koicim, and David Lloyd. The East 89th St. Package is located at 233 & 302 East 89th St. "This is our fourth building transaction on the Upper East Side in the past 45 days. It is evident throughout this past quarter that the gap between buyer and seller expectations is converging, which has been a strong indication for a healthier and more active marketplace," said Lloyd. "There was a large and qualified field of bidders competing for these well managed Upper East Side buildings. In the long run, an Upper Manhattan family owner out-bid large local operators and experienced syndicators. This is the family's first purchase below 96th Street. The trend of importing capital from different neighborhoods locally and regionally in the market-place has amplified the strong demand for quality multi-family assets in Manhattan," said Koicim.