Marcus & Millichap Inc.
04/16/2024 | Press release | Distributed by Public on 04/17/2024 15:23
Marcus & Millichap Facilitates $12.6M Sale of Four New York Properties
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Marcus & Millichap Facilitates $12.6M Sale of Four New York Properties
April 16, 2024
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NEW YORK, April 16, 2024 - 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 a 109,157-square-foot portfolio of four buildings in New York for $12,640,000.
"The completion of this transaction spanned two years from start to finish due to the necessity of HPD approvals. It truly required a collaborative team effort to finalize the deal," said Seth Glasser.
Glasser, Michael Fusco, and Benny Katz, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The properties consist of four buildings: three adjacent on 140th Street between Adam Clayton Powell Blvd and Frederick Douglass Blvd, and one on the corner of Adam Clayton Powell and 140th Street. They total 113 units across 109,157 square feet, with nearby access to Strivers Row, St. Nicholas Park, and City College. The units range from two to five bedrooms, alongside eight retail storefronts at 2394 Adam Clayton Powell.
"The completion of this transaction spanned two years from start to finish due to the necessity of HPD approvals. It truly required a collaborative team effort to finalize the deal," said Seth Glasser.
Glasser, Michael Fusco, and Benny Katz, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The properties consist of four buildings: three adjacent on 140th Street between Adam Clayton Powell Blvd and Frederick Douglass Blvd, and one on the corner of Adam Clayton Powell and 140th Street. They total 113 units across 109,157 square feet, with nearby access to Strivers Row, St. Nicholas Park, and City College. The units range from two to five bedrooms, alongside eight retail storefronts at 2394 Adam Clayton Powell.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.