Press Releases
Marcus & Millichap Announces $19.5 Million Sale of Multifamily Portfolio
November 27, 2023
NEW YORK, Nov. 27, 2023 – 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 three adjacent, mixed-use apartment buildings located at 504-508 E 12th St in New York. The properties sold for $19,500,000 and were managed by Joe Koicim, Logan Markley, Zan Colin, and Matt Berger of the New York Multifamily team.
“Our team successfully navigated the obstacles presented in today’s rapidly changing market to achieve the highest possible sales price for our seller,” said Joe Koicim. "The buyer, a prominent, locally run family office, will add significant value by repositioning the apartments upstairs and a portion of the retail space to maximize the asset’s full potential.”
Koicim, Markley, Colin, and Berger, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the institutional seller and procured the buyer, a private investor.
The 30,858-square-foot multifamily buildings, situated in Alphabet City, are centrally located just two blocks north of Tompkins Square Park. Positioned on the south side of the street between Avenue A and Avenue B, these properties comprise 54 residential units and four commercial units, featuring a mix of one to four-bedroom apartments. National retailers nearby include Trader Joe’s, Target, and Starbucks.
“Our team successfully navigated the obstacles presented in today’s rapidly changing market to achieve the highest possible sales price for our seller,” said Joe Koicim. "The buyer, a prominent, locally run family office, will add significant value by repositioning the apartments upstairs and a portion of the retail space to maximize the asset’s full potential.”
Koicim, Markley, Colin, and Berger, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the institutional seller and procured the buyer, a private investor.
The 30,858-square-foot multifamily buildings, situated in Alphabet City, are centrally located just two blocks north of Tompkins Square Park. Positioned on the south side of the street between Avenue A and Avenue B, these properties comprise 54 residential units and four commercial units, featuring a mix of one to four-bedroom apartments. National retailers nearby include Trader Joe’s, Target, and Starbucks.
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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.
