MARCUS & MILLICHAP BROKERS $5.75 MILLION OFFICE SALE

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NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story office building located in New York City for $5.75 million. The building totals 6,468 square feet; it is fully occupied by a restaurant on the ground floor and three offices on the upper floors. All of the tenants are under gross leases, with an annual rent increase of 4 percent. Ben Sgambati and Jin Lee of Marcus & Millichap’s New Jersey office represented the seller, a locally based investor. Lee represented the buyer, a New Jersey-based investor. The property traded at a price of $889 per square foot.

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