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

Joseph Koicim and 15 East 31st Street (left)
Joseph Koicim and 15 East 31st Street (left)

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.”

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

“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