Marcus & Millichap Inc.
10/31/2024 | Press release | Distributed by Public on 11/01/2024 15:35
Marcus & Millichap Brokers $5.75 Million Sale of Mixed-Use Building in Manhattan’s East Village
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Marcus & Millichap Brokers $5.75 Million Sale of Mixed-Use Building in Manhattan's East Village
October 31, 2024
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NEW YORK, Oct. 31, 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 four-story mixed-use building located at 32 Avenue A in Manhattan's East Village for $5,750,000.
"This fully renovated asset, which was 100% occupied at the time of sale, benefited from the protected tax class status 2A," said Zan Colin. "The buyer was in a 1031 exchange and will capitalize on the building's strong cash flow."
Joe Koicim, Logan Markley and Zan Colin, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
The 4,708-square-foot building includes three recently renovated apartments, each featuring high-end finishes, and one retail unit occupied by Mary O's Irish Pub. The sale also included 1,980 square feet of unused air rights, offering potential for future development or expansion. Approved plans for the property allow for the addition of private outdoor terraces to two of the apartments.
"This fully renovated asset, which was 100% occupied at the time of sale, benefited from the protected tax class status 2A," said Zan Colin. "The buyer was in a 1031 exchange and will capitalize on the building's strong cash flow."
Joe Koicim, Logan Markley and Zan Colin, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
The 4,708-square-foot building includes three recently renovated apartments, each featuring high-end finishes, and one retail unit occupied by Mary O's Irish Pub. The sale also included 1,980 square feet of unused air rights, offering potential for future development or expansion. Approved plans for the property allow for the addition of private outdoor terraces to two of the 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.