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Marcus & Millichap sells 312 Bowery multifamily for $16.65M
The five-story NoHo East building was converted to multifamily in 2004 and includes 22 modernized free-market apartments, plus unused development rights.
ConnectCRE reports that Marcus & Millichap finalized the sale of 312 Bowery, a multifamily property in Manhattan’s NoHo neighborhood, for $16.65 million.
The brokerage, acting on behalf of the seller, Bremen House, Inc., exclusively marketed the property and secured the buyer, Allied Realty & Development Corp., according to ConnectCRE. John Stewart and Dylan Torey handled the transaction for Marcus & Millichap.
ConnectCRE said buyer demand was bolstered by the scarcity of truly free-market multifamily properties, particularly well maintained assets in core locations without historical rent regulation. The report also notes that some deals may reach bidding wars and, in some cases, sub-five-cap final pricing.
The five-story building totals about 23,000 square feet, built in 1920 and converted to multifamily in 2004, with 22 modernized free-market apartments. ConnectCRE added the property includes roughly 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.