Free-Market NoHo Apartments Generate Strong Buyer Demand
Marcus & Millichap finalized the sale of 312 Bowery, a multifamily property in Manhattan’s NoHo neighborhood, for $16.65 million. John Stewart and Dylan Torey of Marcus & Millichap exclusively marketed the property on behalf of the seller, Bremen House, Inc., and procured the buyer, Allied Realty & Development Corp.
“Buyer demand was some of the strongest we’ve seen this year due to the scarcity of truly free-market multifamily properties,” said Stewart. “Well-maintained properties in core locations, with no historical rent regulation or with attorney-approved deregulation documentation, will continue to attract the most engaged buyers, with bidding wars and, in some cases, sub-five-cap final pricing.”
The five-story, 23,000-square-foot building in the NoHo East historic district was built in 1920 and converted to multifamily in 2004. It includes 22 modernized free-market apartments. The property has approximately 7,000 square feet of unused development rights and a 3,900-square-foot ground-floor commercial space occupied by The Hole, an art gallery.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout