NEW YORK CITY-Marcus & Millichap Real Estate Investment Services has arranged the sale of the lease on a 14-story building, consisting of 164 multifamily units and four commercial units in Manhattan. The sales price of the leasehold position was $16.2 million which represents $96,429 per unit and $119.72 per sf.
Sharon Bands, senior director of Marcus & Millichap's National Retail Group in Manhattan, and Peter Von Der Ahe, a director of the firm's National Multi Housing Group in Manhattan, were picked by the trustees appointed by the Bankruptcy Court to procure the buyer.
A source close to the deal tells GlobeSt.com that the trustee was David Kittay from Kittay & Gershfeld PC. He is located in North Tarrytown, NY, the source adds. The source did not reveal the buyer.
"The new owner has acquired an excellent investment property in New York City's thriving commercial real estate market," explains Bands in a prepared statement. "This 168-unit apartment building has four commercial tenants and a 100-plus car garage."
Located at 230 E. 44th St., the 135,315-sf building is situated on a 130-foot by 100-foot lot between Second and Third avenues. The building was sold at under seven times the gross rent roll; however, the leasehold payments are set to recalculate to an undetermined amount within 10 years, making the income projections on the property difficult.
"After years of being on and off the market, this asset finally went through the bankruptcy process," explains Von Der Ahe. "In the end, our client was pleased with the sales price we negotiated in this complex transaction."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
