Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a mixed-use property located on 2nd Avenue in Manhattan. The asset sold for $6,300,000.
“There was a strong retail lease in place with a well-known restaurant, Primola, that has operated here for 30 years,” said Joe Koicim. “Additionally, the apartments upstairs were unrenovated, allowing the purchaser to step into a cash-flowing asset with tremendous future upside.”
Koicim, Logan Markley, Zan Colin and Kory Barbanel, 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.
The 5,700-square-foot, four-story mixed-use walk-up building is located at 1226 2nd Avenue, situated on the east side of 2nd Avenue between 64th Street and 65th Street. The property comprises six large one-bedroom apartments above a commercial retail space. Of those six residential units, five are free-market, and one is rent-controlled. The retail tenant, Primola, boasts a 30-year track record as one of the most desirable Italian restaurants in the Upper East Side since opening.
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.
