Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 30-unit mixed-use property at 135 Eldridge Street on the Lower East Side of Manhattan for $13.5 million.
“While the property is 60% rent-regulated, previous ownership substantially renovated all building-wide systems and apartments, ultimately stabilizing the asset at a strong yield,”
said Logan Markley of the NYM Group of Marcus & Millichap in Manhattan. “The buyer of this property will benefit from the strong in-place cash flow and minimal deferred maintenance moving forward.” Marcus & Millichap’s Joe Koicim and Logan Markley represented the seller in the transaction.
The six-story building, constructed in 1900, totals 21,648 square feet and includes 28 residential units and two ground-floor retail spaces occupied by Akiko Nails and Ha’s Dac Biet. The property has undergone substantial renovations in recent years, including updated apartments with stainless steel appliances, modern finishes and new flooring, as well as building-wide improvements such as a new roof, plumbing and electrical systems.
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.
