A 6-unit apartment property in Turtle Bay was sold for $5 million. Located at 975 2nd Ave, the property falls under the Tax Class 2A designation, which limits tax increases.
The sale was facilitated by Marcus & Millichap’s investment specialists Joe Koicim, Peter Dodge, and Zan Colin, who represented both the seller and the buyer.
“As with any disruption in the market whether it be a rise in rates, or the COVID-19 crisis, we’ve recently seen an influx of new purchasers and capital that see the opportunity with imminent and compelling circumstances to purchase these types of assets,” said Dodge.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.