Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 13-unit multifamily property located at 753 9th Avenue in New York, for $5 million.
“With 7 of the 13 units vacant at the time of sale, the purchaser will immediately be able to reposition the asset through high-end renovations,” said Joe Koicim. “Well-located value-add properties are always in high demand.”
Built in 1920, the five-story walk-up building includes a mix of one-, two- and three-bedroom apartments averaging 650 square feet. All units at 753 9th Avenue have been completed with high-end finishes. Located in the heart of Hell’s Kitchen, the property is within walking distance to the 50th Street Station (A C E trains), Times Square, Central Park and the Theater District.
Hell’s Kitchen is defined by upscale new and refurbished residential buildings, though rental rates are still quite competitive for Manhattan. A vibrant collective of restaurants, bars, and art centers will leave you with plenty to do. Numerous public parks are spread throughout the community, particularly the large De Witt Clinton Park near the waterfront, and Central Park is very close as well.
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.
