Marcus & Millichap Closes $38M Mixed-Use Portfolio Sale in Manhattan

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Manhattan
The sales price of the Manhattan portfolio was $38 million.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 329-335 East 9th Street and 516-518 East 13th Street, a 49,513-square-foot, six-building portfolio with five commercial units and 56 apartments in Manhattan’s East Village.

“This was a rare opportunity to acquire a large, 70% free-market portfolio with strong cash flow and nearly seven years remaining of attractive in-place assumable debt,” said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. Koicim and Marcus & Millichap’s Logan Markley, Matt Berger, and Zan Colin represented the seller, The Kushner Companies, and procured the buyer, Edifice Partners/Holliswood and JSB Capital Group. “The NYM Group of Marcus & Millichap has successfully closed approximately $200 million in sales for the Kushner Companies over the past year,” added Berger.

The portfolio’s East Village location includes large frontage on East 9th Street and East 13th Street and an abundance of restaurants, nightlife, parks, historical activities, and transportation. Parks within a five-minute walk include Union Square, Tompkins Square Park, Washington Square Park, and Mercer Playground. The Union Square subway is within easy walking distance. The portfolio includes multifamily and mixed-use buildings. Apartments have from one to six bedrooms.

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.