NEW YORK CITY — Marcus & Millichap has brokered the sale of a 17,720-square-foot retail property lease by Pep Boys that is located at 1941 Forest Ave. in Staten Island. The property traded for $5.77 million at a 7.69 percent cap rate. Scott Plansky of Marcus & Millichap's Manhattan office represented the seller, a fund manager. The buyer's name was undisclosed. Marcus & Millichap also arranged the sale of an 11-unit apartment building located at 535 E. 87th St. in Manhattan. Eight of the units were vacant at the time of closing and in need of renovation. The property traded for $2.75 million and was acquired by a local party completing a 1031 exchange. Joe Koicim and Peter Von Der Ahe of Marcus & Millichap's Manhattan office represented the out-of-state seller.
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