Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 127-129 Second Avenue and 36 Saint Marks Place, three mixed-use assets in Manhattan’s East Village.
“The East Village is a supply-constrained rental market that has consistently provided owners with higher annual rent growth than nearly every other New York City submarket,” said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. “With this asset ideally situated on the corner of Saint Mark’s Place and Second Avenue, the buyer will capitalize on the long-term upside created by the natural demand for apartments and retail space in this area. This submarket has been reflective of the overall strength of New York City’s rental market, which began the year with vacancy at 1.8%.”
Koicim and Marcus & Millichap’s Logan Markley, Zan Colin and Matt Berger represented the seller, Jonis Realty, whose principals are Nathan and Josh Halegua, along with their longtime partner Martin Newman, and procured the buyer, Ryco Capital.
The three six-story mixed-use buildings contain 10 retail units and 59 residential units that range from studios to five-bedroom apartments. The properties are close to New York University and surrounded by restaurants, hotels, nightlife, and transportation.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
