Koicim, Markley and Berger of Marcus & Millichap facilitate sale of 17-unit multifamily for $7.25 million

Manhattan, NY Marcus & Millichap brokered the $7.25 million sale of a 17-unit multifamily building at 269-271 East Houston St.

“The sale of 269-271 East Houston St. underscores the long-term robustness of the New York City real estate market and demonstrates the obstacles investors are willing to overcome to be here,” said Joe Koicim of the NYM Group of Marcus & Millichap. “With its combination of free-market apartments, long-term tenancy and prime corner retail frontage, the property offers both stability and significant upside in one of Manhattan’s most dynamic neighborhoods.”

Koicim and Marcus & Millichap’s Logan Markley and Matt Berger represented the seller and procured the buyer, a private investor.

Built in 1920, the six-story property totals 12,200 s/f and has 12 free-market apartments, two rent-stabilized apartments, one rent-controlled apartment and a ground-floor retail space. The building has 94 ft. of wraparound frontage at the corner of East Houston and Suffolk streets. The retail tenant is The Mayfly.

The property is in a dense residential and commercial corridor on Manhattan’s Lower East Side with access to the F, M, J and Z subway lines. Katz’s Delicatessen, Essex Crossing, the New Museum and the Orchard Street Shopping District are all nearby.

Tags: Brokerage New York City

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