Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 77 Barrow Street, a multifamily property in New York, for $6.7 million.
“We would like to extend our congratulations to both buyer and seller on a smooth, quick, and successful transaction,” said Peter Dodge. “Through our targeted, direct, on-the-ground marketing, we procured a local investor eager to expand his footprint in the neighborhood and created a quiet, competitive bidding environment on behalf of our seller. Ultimately, the transaction traded just below a 4.5% cap rate on in-place income.”
Joe Koicim and Peter Dodge, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both private investors. 77 Barrow Street had been owned and operated by the same family for more than 35 years.
Built in 1900, the multifamily property is in the heart of the West Village, a neighborhood known for its historic brownstones, tree-lined streets, and vibrant cultural scene. The five-story building has 20 apartments.
Nestled between Greenwich Village and the Hudson River, the West Village is picturesque in its classic New York charm with historic brownstones, stylish cafes, and trendy boutiques lined up along cobblestone streets. Once known as “Little Bohemia,” the West Village has a rich history in alternative culture, mostly due to its long legacy of renowned artistic residents. The neighborhood is home to many spirited theaters and galleries to this day.
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.
