Press Releases
Marcus & Millichap Facilitates $11.25 Million Sale of Upper West Side Multifamily Property
March 05, 2024
NEW YORK, Mar. 5, 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 a thirty-six unit multifamily property in Manhattan’s Upper West Side. The asset sold for $11,250,000.
"Despite today’s market challenges, the property sold for a 5.02% cap rate,” said John Stewart. “This result shows the strong demand for high-quality rental apartment buildings in core New York City neighborhoods.”
Stewart and Dylan Torey, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a long-term private investor, and procured the buyer, Alchemy Ventures. Max Herzog and Marko Kazanjian of IPA Capital Markets handled the debt financing on behalf of the buyer.
Built in 1910, this six-story elevator apartment building is located at 310 W 80th St., situated on the Upper West Side between Riverside Drive and West End Avenue. It comprises thirty-six apartment units, including eighteen studios and eighteen one-bedrooms. The property is adjacent to Riverside Park and has views of the Hudson River.
"Despite today’s market challenges, the property sold for a 5.02% cap rate,” said John Stewart. “This result shows the strong demand for high-quality rental apartment buildings in core New York City neighborhoods.”
Stewart and Dylan Torey, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a long-term private investor, and procured the buyer, Alchemy Ventures. Max Herzog and Marko Kazanjian of IPA Capital Markets handled the debt financing on behalf of the buyer.
Built in 1910, this six-story elevator apartment building is located at 310 W 80th St., situated on the Upper West Side between Riverside Drive and West End Avenue. It comprises thirty-six apartment units, including eighteen studios and eighteen one-bedrooms. The property is adjacent to Riverside Park and has views of the Hudson River.
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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.
