MARCUS & MILLICHAP COMPLETES $16.65 MILLION APARTMENT PORTFOLIO SALE

NEW YORK CITY — Marcus & Millichap has completed the sale of a four-building multifamily portfolio in New York City for $16.65 million. Located in the Fashion Center and Hell’s Kitchen neighborhoods of Manhattan’s West Side, the portfolio totals 72 rental units. The properties include a five-story building located at 529 W. 48th St.; a five-story building located at 534 W. 50th St.; and two adjacent buildings located at 317 and 319 W. 25th St. The final two properties also include 31,941 square feet of air rights. Peter Von Der Ahe and Joe Koicim of Marcus & Millichap’s Manhattan office represented the locally based seller. Von Der Ahe and Said Boukhalfa of the firm’s Brooklyn office represented the Brooklyn-based buyer. The portfolio traded at a price of $231,250 per unit and a capitalization rate of 4.87 percent.