(Read more on the multifamily market.)
NEW YORK CITY-Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for four five-story apartment buildings, totaling 87 units, in Manhattan. The listing price of $11.3 million represents $129,310 per unit. Peter Von Der Ahe, director of the national multihousing group at Marcus & Millichap, tells GlobeSt.com that the seller is a private individual who has owned the property for almost 30 years, which allows an investor to create value through rent growth.
Located at 575-587 W. 177th St., the 48,350-sf property consists of four five-story buildings situated on a 148-foot by 94-foot lot on 177th Street, between St. Nicolas and Audubon Avenue. “Average rents are just over $700, leaving ample upside for a new owner to increase the NOI,” Edelstein notes. The property features a strong mix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units.
Von Der Ahe and Scott Edelstein, an investment specialist also in the firm's Manhattan office represented the seller, who decided to shed the property because the asset has experienced a tremendous amount of appreciation, Von Der Ahe says. “The time was right for him to sell.”
As of now, there are a number of interested parties, Von Der Ahe explains to GlobeSt.com. “This is one of the most active areas in all of Manhattan.” He went on to note that this particular market in Manhattan is exploding as rents in lower Manhattan continue to rise and renters get pushed further up the island to find affordable housing.
“In particular, Washington Heights is experiencing a rebirth as well with many of the amenities and services of the neighborhood improving, which is further driving demand,” he says. “Buyers are interested in this property because the rents are low and surrounding buildings are expected to continue to appreciate in value.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
