Press Releases
Marcus & Millichap Arranges $16.65M Sale of Multifamily Property in Manhattan
July 16, 2026
NEW YORK, July 16, 2026 – 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 312 Bowery, a free-market multifamily property in Manhattan’s NoHo neighborhood, for $16.65 million.
“Buyer demand was some of the strongest we’ve seen this year due to the scarcity of truly free-market multifamily properties,” said John Stewart of Marcus & Millichap in New York City. “Well-maintained properties in core locations, with no historical rent regulation or with attorney-approved deregulation documentation, will continue to attract the most engaged buyers, with bidding wars and, in some cases, sub-five-cap final pricing.”
Stewart and Dylan Torey of Marcus & Millichap exclusively marketed the property on behalf of the seller, Bremen House, Inc., and procured the buyer, Allied Realty & Development Corp.
The five-story, 23,000-square-foot building sits on a 5,000-square-foot lot between Bleecker and Houston Streets. The property was built in 1920 and converted to multifamily in 2004. It includes 22 modernized free-market apartments. The property has approximately 7,000 square feet of unused development rights and a 3,900-square-foot ground-floor commercial space occupied by The Hole, an art gallery.
The building is in the NoHo East historic district, surrounded by boutiques, restaurants, loft buildings and nightlife venues. It is four blocks from Bleecker Street, Broadway-Lafayette Street and Second Avenue subway stations, which serve the 6, B, D, F and M lines.
“Buyer demand was some of the strongest we’ve seen this year due to the scarcity of truly free-market multifamily properties,” said John Stewart of Marcus & Millichap in New York City. “Well-maintained properties in core locations, with no historical rent regulation or with attorney-approved deregulation documentation, will continue to attract the most engaged buyers, with bidding wars and, in some cases, sub-five-cap final pricing.”
Stewart and Dylan Torey of Marcus & Millichap exclusively marketed the property on behalf of the seller, Bremen House, Inc., and procured the buyer, Allied Realty & Development Corp.
The five-story, 23,000-square-foot building sits on a 5,000-square-foot lot between Bleecker and Houston Streets. The property was built in 1920 and converted to multifamily in 2004. It includes 22 modernized free-market apartments. The property has approximately 7,000 square feet of unused development rights and a 3,900-square-foot ground-floor commercial space occupied by The Hole, an art gallery.
The building is in the NoHo East historic district, surrounded by boutiques, restaurants, loft buildings and nightlife venues. It is four blocks from Bleecker Street, Broadway-Lafayette Street and Second Avenue subway stations, which serve the 6, B, D, F and M lines.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
