Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the $57 million sale of a six-building mixed-use portfolio in Manhattan’s East Village.
“This 79% non-rent-stabilized portfolio includes three tax-class-protected buildings, an elevator building, and spans over 59,000 gross square feet,” said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. “Acquired with attractive, assumable in-place debt, the assets are poised to generate income and appreciation for the buyer over the long term.” Koicim, Logan Markley, Matthew Berger, and Zan Colin of the NYM Group of Marcus & Millichap represented the seller, Kushner Companies, and procured the buyer, a limited liability company associated with David Gleitman’s Targo Capital Partners.
The portfolio of 109 apartments and one commercial unit is in Manhattan’s East Village at 118-120 East 4th Street, 199-203 East 4th Street and 315 East 10th Street. The property locations give renters and tenants access to a plethora of restaurants, leading academic institutions, nightlife, parks, historical sites, and transportation. Union Square, Tompkins Square Park, and Washington Square Park are within walking distance.
Marcus & Millichap, Inc. (NYSE: MMI) 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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
