Marcus & Millichap Inc.
06/26/2024 | Press release | Archived content
Marcus & Millichap Facilitates $9 Million Manhattan Property Sale After 25-Year Family Ownership
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Marcus & Millichap Facilitates $9 Million Manhattan Property Sale After 25-Year Family Ownership
June 26, 2024
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NEW YORK, June 26, 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 17,645-square-foot mixed-use property in New York. The asset sold for $9,050,000.
"Having previously been on the market with two other brokerage firms, the ownership engaged us to sell the property due to our track record in the area and demonstrated executional capability," said Peter Dodge. "We extend our congratulations to both the buyer and the seller on a successful transaction."
Joe Koicim, Logan Markley, Peter Dodge and Zan Colin, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, an end user purchaser and renowned restauranter. The property has been owned & operated by the same family for over 25 years.
Located at 216 East 49th St. in the Turtle Bay neighborhood, the five-story, 17,645-square-foot property is zoned R8B and features a flexible configuration currently as office space, which may be repositioned to residential use or condominium conversion. Additionally, the property features a 3,800-square-foot first floor commercial space, vented for a restaurant with a fully built-out basement. The property is positioned near key landmarks such as the United Nations Headquarters, Grand Central Station, and Central Park.
"Having previously been on the market with two other brokerage firms, the ownership engaged us to sell the property due to our track record in the area and demonstrated executional capability," said Peter Dodge. "We extend our congratulations to both the buyer and the seller on a successful transaction."
Joe Koicim, Logan Markley, Peter Dodge and Zan Colin, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, an end user purchaser and renowned restauranter. The property has been owned & operated by the same family for over 25 years.
Located at 216 East 49th St. in the Turtle Bay neighborhood, the five-story, 17,645-square-foot property is zoned R8B and features a flexible configuration currently as office space, which may be repositioned to residential use or condominium conversion. Additionally, the property features a 3,800-square-foot first floor commercial space, vented for a restaurant with a fully built-out basement. The property is positioned near key landmarks such as the United Nations Headquarters, Grand Central Station, and Central Park.
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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.