MARCUS & MILLICHAP COMPLETES TWO MF SALES

NEW YORK CITY — Marcus & Millichap has completed two retail sales in New York City for $12.97 million. First, the company brokered the sale of a four-building apartment portfolio, located at 575-587 W. 17th St., for $8.75 million. The portfolio totals 87 units, comprising 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer.
Additionally, Von Der Ahe and Edelstein represented both parties in the sale of a 5,000-square-foot residential building located at 41 E. 41st St. The property, which traded for $5.22 million, features two commercial units and three residential units. The sale price represents a 5.29 percent cap rate and a price of $845 per square foot.