Marcus & Millichap : Sells Three-Property Multifamily Portfolio Steps Away from Central Park for $5.65 Million
April 03, 2024 at 06:24 pm EDT
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Marcus & Millichap Sells Three-Property Multifamily Portfolio Steps Away from Central Park for $5.65 Million
April 03, 2024
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NEW YORK, April 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 111th Street Multifamily Portfolio in New York for $5,650,000.
"Our team was able to find a motivated purchaser to buy the fully rent-stabilized portfolio for a sub-5% cap rate," said Seth Glasser. "The buyer recognized the value of the premium location at a very low price per unit."
Glasser, Shaun Riney, and Michael Fusco, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The multifamily portfolio is located at 204, 208, and 240 West 111th Street, situated one block away from Central Park. The portfolio comprises 56 units spanning 43,554 square feet across three buildings, two of which are contiguous.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. 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 clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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03 April 2024 and is solely responsible for the information contained therein. Distributed by
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
