NEW YORK CITY-Just a week after closing the sale of a multifamily property in the West Village, Marcus & Millichap Real Estate Investment Services has done a handsome $10.8 million deal—with the same buyer—on a mixed-use property in the neighboring Chelsea area, GlobeSt.com has learned EXCLUSIVELY.
Marcus & Millichap has arranged the sale of 256 W. 15th St., between Seventh and Eighth avenues. The building features 22 apartments and two retail units. Peter Von Der Ahe, first VP, investments, Joe Koicim, VP, investments, and Sean Lefkovits, senior associate, represented the seller, a private Manhattan-based commercial real estate development firm. The buyer is a private investor.
The price, which equates to $447,917 per unit, reflects the strong upside potential of such a property, Koicim tells GlobeSt.com. “For the most part, people feel rents will continue to grow, especially in the West village and Chelsea,” he says. “Buildings like these, which are completely renovated walkups that are commanding high rents per square foot, bring in a cap rate driven buyer versus a value-add buyer.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
