Marcus & Millichap Brokers $8.05M Sale of West Village Apartments

NEW YORK, June 6, 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 seven-unit apartment property located in the West Village neighborhood of New York. The asset sold for $8.05 million or $1,199 per square foot, marking its first sale in nearly 40 years. 

Despite the associated challenges in the market surrounding rates, regulations, and the particular ownership structure of this asset, we created a competitive bidding environment on behalf of our generational owner, compelling the eventual purchaser to step up significantly," said Joe Koicim. "We extend our congratulations to both buyer and seller on a successful transaction." 

 Joe Koicim and Peter Dodge, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, an end user. 

The four-story, 6,714-square-foot property, located at 228 W. 10th St. on the south side of West 10th Street between Bleecker and Hudson streets, benefits from its prime location just blocks from the Hudson River, Washington Square Park, Little Island Park, and numerous transportation options. The property is currently configured as one occupied retail space and six one-bedroom apartments. The world-renowned restaurant L’Artusi occupies 2,500 square feet of space and is on a long-term lease.

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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.