Marcus & Millichap Brokers The Sale Of A 7,535-Square Foot Mixed-Use Building in New York, NY

New York, NY, June 6, 2022 -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 411 East 9th Street, a 7,535-square foot mixed-use property located in New York, NY, according to John Horowitz, first vice president/division manager of the firm's Manhattan office. The asset sold for $4,925,000.

Dylan Torey and John J. Stewart, investment specialists of the Stewart Group, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The team also secured the buyer, a private investor.

Torey comments, "We were pleased to complete this transaction with favorable metrics to the Seller during a difficult interest rate environment. There is still a strong appetite for apartment assets in lower Manhattan due to the robust rent growth the area has been experiencing since the middle of 2021."

The site is located at 411 E 9th St in New York, NY. It is comprised of a front and rear building totaling ten one-bedroom apartments, five of which rent stabilized, and two retail units. The property was recently renovated with upgrades to fifty percent of the apartments, in addition to the façade of the building being redone last year.

# # #

About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.