Marcus & Millichap Real Estate Investment Services has arranged the sale of 78 Irving Place, a 15 unit, 16,609 s/f multifamily property in Gramercy Park for $17.9 million and a capitalization rate of 5.19%.
Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and David Lloyd, investment associate, all from Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and buyer, both private investors.
The seven-story residential building acquired global interest and interest from various groups with other plans to potentially convert this building into a single-family residence.
“With the Zeckendorf luxury condominiums conversion across the street setting records of around $4,000 per square foot, I have strong confidence that they will do extremely well with this ideal conversion opportunity,” said Koicim.
The property is situated directly on the southeast corner of East 19th Street and Irving Place, steps away from the exclusive Gramercy Park enclave and Union Square area.
“We continue to see excessive investor interest for trophy multifamily locations across the city,” added Von Der Ahe.