PRESS RELEASE: New York: Mixed-Use Property Sold for $10.7 Million

NEW YORK – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 256 West 15th St., a mixed-used building in Manhattan composed of  22 apartments and two retail units. The $10,750,000 sales price equates to $447,917 per unit.

Peter Von Der Ahe, Joe Koicim, and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, represented the seller, a private Manhattan-based commercial real estate development firm. The buyer is a private investor.

“The building’s location and turnkey nature sparked a great deal of interest from the investment community,” says Koicim. “We conducted 32 property tours and received 13 qualified offers from investors ranging from 1031 exchange buyers to investors with foreign capital.”

“The property was perfectly suited for the buyer’s need for a high cash-flow finished product,” adds Lefkovits. “The building’s proximity to Google’s New York office made it doubly attractive.” 

The property is located two blocks from the High Line, just steps from the entrance to the A, C, E and L subway lines at 14th Street and one block from the 1,2 and 3 lines.

The building is approximately 25 feet by 88 feet and is situated on a 25-foot by 103-foot lot. The R8B-zoned property features 14 free market units, 13 of which have been fully renovated to a luxury standard. The unit mix includes two studios, 18 one-bedroom units and two two-bedroom apartments.  

TAGS: Investment