Marcus & Millichap brokers $10.4 million sale of Upper East Side multifamily property

Manhattan, NY Marcus & Millichap has completed the $10.4 million sale of a 34-unit, 17,110 s/f multifamily property.

“This was a rare opportunity to acquire an 82% free-market multifamily asset on the Upper East Side of Manhattan. We leveraged our long-term relationships with foreign investors to match the right buyer to the deal to close at $10.4 million for the seller,” said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. “This is the third deal we’ve closed with foreign investors in the past 45 days.”

Koicim and Marcus & Millichap’s Logan Markley represented the seller and procured the buyer.

Built in 1920, the five-story building is located at 234-236 E. 88^th St. in Yorkville on the Upper East Side. The unit mix includes studios and one-bedroom apartments with classic architectural details and modern upgrades. The property is two blocks from the 86^th St. station, with access to the 4, 5 and 6 subway lines, and is near the Q line on Second Ave. It is also close to Carl Schurz Park, the East River Esplanade, Whole Foods Market, Target, The Dalton School and Hunter College.

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