Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.
The building, located between First and Second Avenues, contains 20 apartments—17 of them free market—with 12 one-bedrooms and eight studio units.
“We were able to achieve a tremendous deal for our client,” said Joe Koicim, who arranged the sale on behalf of the seller, Vintage Group, LLC., with Peter Von Der Ahe, Joe Koicim, David Lloyd, Danny Handweiler and Christopher Sjurset.
Sean Beuche represented the buyer.
“We are constantly sharing information and leveraging our network of 200-plus agents in the NYC area (and hundreds around the country). We have an internal environment where other brokers can bring buyers to the table,” a company spokesperson said.
With strong in place cash flow, the asset provides short term rental stability but still future upside, particularly in the rent stabilized apartments that currently pull in just $711 in rent per month, the brokers added.
Situated in one of the most mature and stable markets in Manhattan, the Upper East Side rental building is located in close proximity to the 4, 5, and 6 trains and will also enjoy the future benefit of the Second Avenue Subway development, they noted. Ultimately the property went to competitive bid from a 1031-exchange.
“We had several bidders with competitive offers, however a 1031 buyer, brought in by another Marcus & Millichap agent, came in with the best offer and with very attractive terms,” Mr. Lloyd said.