By Roland Li
Marcus & Millichap has brokered the sale of two multifamily buildings in separate transactions.
One property, at 220 Park Avenue South, was sold for $20 million. The 33,638 s/f building has 37 rentals units and a 2,650 s/f retail space, occupied by Haru restaurant.
The seller was Gino Colleo’s Gramercy Park Mews Partnership LLC, according to city records. Bijan Nassi and his son, Danny Nassi, president of BDN NY Management, were the buyers.
(Danny Nassi’s half-brother, Craig Nassi, runs BCN Development.)
“It was something that was absolutely beautiful,” said Danny Nassi of the property. The new owners plan to renovate the lobby and are considering a condo conversion, but not for at least five years.
“It’s one of the best locations in the city,” said Peter von Der Ahe of Marcus & Millichap, who brokered the sale with Joe Koicim.
Von Der Ahe, Koicim and David Lloyd also sold 308 West 22nd Street for $2.4 million. The property had an asking price of $2.55 million. The property is an eight-unit townhouse with an average monthly rent of $1,543.
According to city records, the seller was David Tufts. The buyer was a local property owner. The property has a gross s/f of 4,320, on a 20-foot by 99-foot lot.
Von Der Ahe said the multifamily investment market was “steady,” but any increase in interest rates would negatively affect sales activity.
