Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 420 East 80th Street, a 13-story, 155-unit apartment property located on New York City’s Upper East Side.
“Our team targeted local New York buyers who would underwrite the property aggressively,” says Eric Michael Anton of Marcus & Millichap’s Manhattan office. “We pinpointed several value-add firms that were very enthusiastic about the potential upside and created a competitive bidding environment. We worked closely with all the interested investors and provided detailed research to quantify risks.”
The Anton Group of Marcus & Millichap had the exclusive listing to market the property on behalf of an affiliate of Equity Residential, the Chicago based Real Estate Investment Trust. They also procured the Purchaser, a New York based family business.
Built in 1961, 420 E 80th St. in one of New York City’s most prominent neighborhoods and home to some of the city’s priciest real estate. The 112,204- rentable-square-foot building is close to the Second Avenue subway station, Central Park, major hospitals, schools and restaurants.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.