Marcus & Millichap Inc.
12/11/2024 | Press release | Archived content
Marcus & Millichap Brokers $6.7 Million Sale of Historic West Village Multifamily Property
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Marcus & Millichap Brokers $6.7 Million Sale of Historic West Village Multifamily Property
December 11, 2024
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NEW YORK, Dec. 11, 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 77 Barrow Street, a multifamily property in New York, for $6.7 million.
"We would like to extend our congratulations to both buyer and seller on a smooth, quick, and successful transaction," said Peter Dodge. "Through our targeted, direct, on-the-ground marketing, we procured a local investor eager to expand his footprint in the neighborhood and created a quiet, competitive bidding environment on behalf of our seller. Ultimately, the transaction traded just below a 4.5% cap rate on in-place income."
Joe Koicim and Peter Dodge, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both private investors. The property had been owned and operated by the same family for more than 35 years.
Built in 1900, the multifamily property is in the heart of the West Village, a neighborhood known for its historic brownstones, tree-lined streets, and vibrant cultural scene. The five-story building has 20 apartments.
"We would like to extend our congratulations to both buyer and seller on a smooth, quick, and successful transaction," said Peter Dodge. "Through our targeted, direct, on-the-ground marketing, we procured a local investor eager to expand his footprint in the neighborhood and created a quiet, competitive bidding environment on behalf of our seller. Ultimately, the transaction traded just below a 4.5% cap rate on in-place income."
Joe Koicim and Peter Dodge, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both private investors. The property had been owned and operated by the same family for more than 35 years.
Built in 1900, the multifamily property is in the heart of the West Village, a neighborhood known for its historic brownstones, tree-lined streets, and vibrant cultural scene. The five-story building has 20 apartments.
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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.