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MM Handles MXU Sale in Two Bridges Submarket
Marcus & Millichap represented the seller and procured the buyer for 77-79 Madison St., a six-story, mixed-use building in Lower Manhattan’s Two Bridges submarket. The asset, which was owned by a group of seven partners, sold for $12 million.
Barbara Dansker and Zachary Ziskin of Marcus & Millichap’s Manhattan office arranged the transaction. “The neighborhood is predominately rent-regulated tenement buildings and affordable housing along the water,” Dansker said. “Investors are enticed by the area’s low average rents, significant rent regulation and the ability to purchase at a lower cost basis than in the rest of Downtown Manhattan.”
The buyer, a private investor, “understands the logistics of owning and managing rent regulated m. buildings and has an existing footprint in the Two Bridges market,” said Ziskin. “The attractive price per foot and depth of knowledge in the product type and market provided the buyer with desirable and immediate upside.”
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- ◦Sale/Acquisition
