Marcus & Millichap Inc.
10/07/2024 | Press release | Archived content
Marcus & Millichap Brokers $5.95 Million Sale of Mixed-Use Building in Lower East Side
Press Releases
Marcus & Millichap Brokers $5.95 Million Sale of Mixed-Use Building in Lower East Side
October 07, 2024
LinkedIn Email App
NEW YORK, Oct. 7, 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 133 Eldridge St., a five-story mixed-use building in New York, for $5,950,000.
"Delivering a fully vacant building in a high-interest-rate environment presents unique challenges when most buyers are focused on cash flow," said Joe Koicim. "However, the buyer has the experience and the right team to unlock the full potential of this asset," added Logan Markley. "Ultimately, the buyer will reposition the retail space and create the legal light and air required for residential use on the upper floors," Markley said.
Koicim and Markley, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor with assets nearby.
Situated on the west side of Eldridge Street between Broome and Delancey streets, the mixed-use building features ground-floor retail space with residential units above. Located in the heart of the Lower East Side, the property is surrounded by trendy restaurants, boutiques, upscale nightlife, and is within walking distance of subway lines.
"Delivering a fully vacant building in a high-interest-rate environment presents unique challenges when most buyers are focused on cash flow," said Joe Koicim. "However, the buyer has the experience and the right team to unlock the full potential of this asset," added Logan Markley. "Ultimately, the buyer will reposition the retail space and create the legal light and air required for residential use on the upper floors," Markley said.
Koicim and Markley, investment specialists in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor with assets nearby.
Situated on the west side of Eldridge Street between Broome and Delancey streets, the mixed-use building features ground-floor retail space with residential units above. Located in the heart of the Lower East Side, the property is surrounded by trendy restaurants, boutiques, upscale nightlife, and is within walking distance of subway lines.
# # #
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.