Marcus & Millichap Closes $41M 79-Unit Mixed-Use Portfolio Sale in Manhattan’s East Village

83
East Village
A street view of 49 1/2 First Ave, New York.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the $41.15 million sale of a five-building, 79-unit mixed-use portfolio in Manhattan’s East Village.

The sale is the second recent East Village mixed-use portfolio transaction completed by Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of the NYM Group of Marcus & Millichap. In December 2023, the team completed a $57 million, six-building sale on behalf of the same seller, Kushner Companies.

“This 42,465-square-foot portfolio includes two tax-class-protected buildings and is 89% free market,” said Koicim. “The sale is an indication that capital is coming off the sidelines in pursuit of Manhattan multifamily assets.”

The portfolio is located at 170-174 East 2nd Street, 49 1/2 First Avenue, 23 Avenue A, and 325 East 10th Street. The portfolio consists of 73 apartments and six commercial units built between 1900 and 1966. The locations give tenants immediate access to parks, restaurants, nightlife, and public transportation.

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.