Marcus & Millichap Inc.
05/02/2024 | Press release | Distributed by Public on 05/02/2024 15:58
Marcus & Millichap Closes $43 Million Mixed-Use Asset Sale in Manhattan
Press Releases
Marcus & Millichap Closes $43 Million Mixed-Use Asset Sale in Manhattan
May 02, 2024
LinkedIn Email App
NEW YORK, May 2, 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 194 East 2nd Street, a 62-unit elevator building with approximately 10,000 square feet of ground floor retail in Manhattan's East Village. Skyline Developers, a Wilf family real estate company led by President Orin Wilf, purchased the property in 2000 and sold it to Benchmark Real Estate Group for $43 million.
"This was a rare opportunity to sell one of the few doorman buildings in Alphabet City," said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. "Built in 1999, the relatively new construction asset showed great momentum in the marketplace and the property is complemented by a strong national retail tenant on the ground floor. We were able to execute a transaction in a rather seamless way under challenging market conditions." Koicim and Marcus & Millichap's Logan Markley and Matt Berger represented the seller and procured the buyer. Over the last 12 months Joe Koicim and his team have closed approximately $180 million of multifamily and mixed-use transactions in the East Village.
The 77,000-square-foot property at 194 East 2nd Street has 193 feet of wrap-around frontage on East 2nd Street and Avenue B. The Metropolitan Transportation Authority's M9 bus and the F, M and J subway lines are within walking distance. Tompkins Square Park, Astor Place, Union Square, New York University, and some of the city's top restaurants are nearby.
The building has a full-time doorman, two new elevators, outdoor space, shared study space and every floor has laundry rooms. Finishes in most units include Latch entry systems, hardwood floors, marble baths, and ample closet space. The unit mix is four one-bedroom units, 42 two-bedroom apartments, six two-bedroom units with home offices, four four-bedroom apartments, three five-bedroom units, and two six-bedroom apartments.
"This was a rare opportunity to sell one of the few doorman buildings in Alphabet City," said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. "Built in 1999, the relatively new construction asset showed great momentum in the marketplace and the property is complemented by a strong national retail tenant on the ground floor. We were able to execute a transaction in a rather seamless way under challenging market conditions." Koicim and Marcus & Millichap's Logan Markley and Matt Berger represented the seller and procured the buyer. Over the last 12 months Joe Koicim and his team have closed approximately $180 million of multifamily and mixed-use transactions in the East Village.
The 77,000-square-foot property at 194 East 2nd Street has 193 feet of wrap-around frontage on East 2nd Street and Avenue B. The Metropolitan Transportation Authority's M9 bus and the F, M and J subway lines are within walking distance. Tompkins Square Park, Astor Place, Union Square, New York University, and some of the city's top restaurants are nearby.
The building has a full-time doorman, two new elevators, outdoor space, shared study space and every floor has laundry rooms. Finishes in most units include Latch entry systems, hardwood floors, marble baths, and ample closet space. The unit mix is four one-bedroom units, 42 two-bedroom apartments, six two-bedroom units with home offices, four four-bedroom apartments, three five-bedroom units, and two six-bedroom apartments.
# # #
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.