Mixed-use building near NoMad Hotel trades for $8.7M

TRD New York /
Oct.October 28, 2013 08:18 AM

An eight-unit mixed-use building near the NoMad Hotel has traded hands for $8.65 million. The 14,739-square-foot property at 15 East 31st Street has five commercial units and three residential units and sold at a capitalization rate of 3.1 percent, a Marcus & Millichap team told The Real Deal exclusively.

The asking price for the property, located between Madison and Fifth avenues, was $8.995 million, according to the offering memorandum. Marcus & Millichap’s Joseph Koicim, who brokered the transaction along with colleagues Peter Von Der Ahe and David Lloyd, said the buyer was a European private investment group who did the deal at a “record low cap rate,” but declined to name the group. The seller was an LLC listed as “15 East 31st Street Company.”

“The buyer would reposition the eight-story building as a multifamily asset and hold while the neighborhood continues to flourish,” Lloyd said. The rapid development in the area — including that of a hotel project right next door – had attracted multiple buyers, he added. – Hiten Samtani


Related Articles

arrow_forward_ios
Sam Chang and 140 West 28th Street (Gene Kaufman Architects)

Sam Chang sells hotel in Chelsea for $147M

Sam Chang sells hotel in Chelsea for $147M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Marcus & Millichap CEO Hessam Nadji and Mission Capital principal David Tobin (Photos via Marcus & Millichap; Mission Capital)

Marcus & Millichap inks deal to buy Mission Capital Advisors

Marcus & Millichap inks deal to buy Mission Capital Advisors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...