Sales Beat

UES Multifamily Buildings Sell for $11.75M

Upper East Side Multifamily Buildings

Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.

The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction. Read More

Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

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. Read More

Sales Beat

Marcus & Millichap Sells Midtown Development Site for $14.3M

1009-1019 Second Avenue

Marcus & Millichap has arranged the $14.3 million sale of a two-story commercial building at 1009-1019 Second Avenue in Midtown East, Commercial Observer has learned.

The 6,205-square-foot property features 42 feet of frontage on Second Avenue between 53rd and 54th streets. Two commercial tenants – Midtown 1015 and Sessions House – currently operate within the property, Read More

Sales Beat

Stellar Management Scoops 26 Vandam Street in Air Rights Play

26 Vandam Street

Larry Gluck’s Stellar Management has purchased an apartment building at 26 Vandam Street for $6.1 million in a play to add air rights to its undertaking at One SoHo Square.

Gluck plans to tack the 15,625 square feet of air rights onto the 80,000 square feet of new office penthouse space being added to neighboring 161 Sixth Avenue and 233 Spring Street.

“Because the air rights are essentially unusable towards the immediate property, Stellar Management will use them for the huge redevelopment of the office buildings next door — that will be a huge win for them,” said Peter Von Der Ahe, a first vice president of investments at Marcus & Millichap, who brokered the deal along with Joe Koicim, a vice president of investments, and David Lloyd. Read More

Sales Beat

Marcus & Millichap Arranges Sale of Two Chelsea Buildings for $7.2M

368 8th Avenue

Real estate brokerage Marcus & Millichap has arranged the sale of two apartment buildings in Chelsea for a combined $7.2 million, with both properties going to 1031 exchange buyers, The Commercial Observer has learned.

The buildings, at 368 8th Avenue and 311 West 29th Street, bring the private investors who purchased them an opportunity to realize significant upside through upgrades and renovations, brokers at Marcus & Millichap said. Read More