Peter Von Der Ahe, vice president at Marcus & Millichap, and 680 Saint Nicholas Avenue
A 117-unit apartment building has sold for $23.65 million in the largest sale of a single building in Harlem so far this year, according to one of the co-brokers in the deal. The eight-story property, at 680 Saint Nicholas Avenue, between 145th and 141st streets, has studios and one-, two- and three-bedroom apartments and five retail tenants, according to the listing. [more]
From left: Glen Kunofsky, senior vice president of investments for Marcus & Millichap, Paul Mudrich, managing director for Marcus & Millichap, and Y. David Scharf, a partner at Morrison Cohen
A federal judge in California has dismissed racketeering claims against more than 30 defendants, including the brokerage Marcus & Millichap and its top Manhattan-based broker Glen Kunofsky, The Real Deal has learned.
Kunofsky, one of Marcus & Millichap’s top-ranked brokers, and others were accused of defrauding investors in a series of retail sale-leaseback transactions in New York and three other states during the real estate boom. But last month, U.S. District Judge Ronald Whyte, of the Northern District of California, threw out the alleged violations of the Racketeer Influenced and Corrupt Organizations, or RICO, statutes, effectively removing the case from federal jurisdiction, and leaving the plaintiffs to pursue their claims in state court. [more]
Adelaide Polsinelli
High-profile, mid-market investment sales broker Adelaide Polsinelli resigned from Marcus & Millichap this past Friday and began working at Eastern Consolidated as a senior director today, Polsinelli told The Real Deal.
Polsinelli, who first started in the building sales business in 1985, is best known in the industry for deals such as Savanna’s $43 million purchase in 2007 of the Children’s Wear Building at 131 West 33rd Street in Midtown and the sale of the Knitting Factory at 74 Leonard Street in Tribeca, in 2008, for $12 million. [more]
A hotel
The national hospitality sector is heading to its third year of recovery, according to a report from Marcus & Millichap. Hotel occupancy nationwide is expected to reach nearly 61 percent this year, with ADR slated to increase by 4 percent on a year-over-year basis. The three strongest hotel markets are North Dakota, Nevada and Texas at present. [more]
From left: a golf course and Donald Trump
Investors are betting on golf courses as they predict a significant decline in the number of golf courses nationwide, due to a number of factors, Bloomberg News reported.
The median price for a golf course was down to $3 million in the third quarter of 2011, from $4.6 million in 2006, according to numbers from national commercial brokerage Marcus & Millichap. The result is that investors, including Donald Trump himself, whose Trump Golf company has plans for courses from Scotland to the Bronx, are snapping up the properties, Bloomberg said. [more]
John Stewart of Marcus & Millichap and 12 Fifth Avenue
A rare elevator building in Greenwich Village at 12 Fifth Avenue has sold for $12.5 million, GlobeSt.com reported.
The 10-story, 33-unit building, between 8th and 9th streets, was owned by a family under the name Mar-Mart Realty Co. for more than 65 years, and has been bought by an LLC called United Fifth. Department of State records show the buyer is an affiliate of Harounian Enterprises. The purchase price was set at about $378,788 per unit or $640 per square-foot, for a capitalization rate of 3.29 percent, according to Marcus & Millichap, which represented both sides of the transaction. [more]
