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Marcus & Millichap Inc.
10/10/2024 | Press release | Distributed by Public on 10/11/2024 09:21
Marcus & Millichap Closes $38 Million Mixed-Use Portfolio Sale in Manhattan
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Marcus & Millichap Closes $38 Million Mixed-Use Portfolio Sale in Manhattan
October 10, 2024
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NEW YORK, Oct. 10, 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 329-335 East 9th Street and 516-518 East 13th Street, a 49,513-square-foot, six-building portfolio with five commercial units and 56 apartments in Manhattan's East Village. The sales price was $38 million.
"This was a rare opportunity to acquire a large, 70% free-market portfolio with strong cash flow and nearly seven years remaining of attractive in-place assumable debt," said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. Koicim and Marcus & Millichap's Logan Markley, Matt Berger, and Zan Colin represented the seller, The Kushner Companies, and procured the buyer, Edifice Partners/Holliswood and JSB Capital Group. "The NYM Group of Marcus & Millichap has successfully closed approximately $200 million in sales for the Kushner Companies over the past year," added Berger.
The portfolio's East Village location includes large frontage on East 9th Street and East 13th Street and an abundance of restaurants, nightlife, parks, historical activities, and transportation. Parks within a five-minute walk include Union Square, Tompkins Square Park, Washington Square Park, and Mercer Playground. The Union Square subway is within easy walking distance. The portfolio includes multifamily and mixed-use buildings. Apartments have from one to six bedrooms.
"This was a rare opportunity to acquire a large, 70% free-market portfolio with strong cash flow and nearly seven years remaining of attractive in-place assumable debt," said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. Koicim and Marcus & Millichap's Logan Markley, Matt Berger, and Zan Colin represented the seller, The Kushner Companies, and procured the buyer, Edifice Partners/Holliswood and JSB Capital Group. "The NYM Group of Marcus & Millichap has successfully closed approximately $200 million in sales for the Kushner Companies over the past year," added Berger.
The portfolio's East Village location includes large frontage on East 9th Street and East 13th Street and an abundance of restaurants, nightlife, parks, historical activities, and transportation. Parks within a five-minute walk include Union Square, Tompkins Square Park, Washington Square Park, and Mercer Playground. The Union Square subway is within easy walking distance. The portfolio includes multifamily and mixed-use buildings. Apartments have from one to six bedrooms.
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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.