Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 111th Street Multifamily Portfolio in New York for $5,650,000.
The 111th Street portfolio comprises 56 units spanning 43,554 square feet across three buildings, each 6 stories consisting of 18 units, two of which are contiguous. The buildings were all built between 1910 and 1930. The building is not pet-friendly.
The southern portion of Harlem puts folks within easy walking distance of Central Park, giving everyone access to New York City’s signature green space. Home to the City College of New York and bordering Columbia’s main campus, Harlem’s more affordable apartments and condos are perfect for students, faculty, and collegiate staff.
“Our team was able to find a motivated purchaser to buy the fully rent-stabilized portfolio for a sub-5% cap rate,” said Seth Glasser. “The buyer recognized the value of the premium location at a very low price per unit.”
Glasser, Shaun Riney, and Michael Fusco, 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, both private investors.
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, 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.
