New York

Icon sells two East Village rentals for nearly 5 times what it paid

$31M deal values the buildings at more than $1M per unit

Marcus &amp; Millichap's Joe Koicim and <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/328-East-4-Street-New-York-NY-10009/1003730017-0" target="_blank" data-address="328%20East%204%20Street%2C%20New%20York" data-label="326-328%20East%204th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F328-East-4-Street-New-York-NY-10009%2F1003730017-0" data-bbl="1003730017" data-blockValue="00373" data-lotValue="0017" data-zipcode="10009" data-bldgArea="8%2C625" data-bldgDepth="52" data-bldgFront="20" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="2%2C204" data-lotFront="22.92" data-lotDepth="96.17" data-retailArea="0" data-resArea="8%2C625" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C1" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="8%2C816" data-airRights="198" data-propertyNeighborhood="East%20Village" data-latitude="40.721643177793" data-longitude="-73.9792266267425" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F328-East-4-Street-New-York-NY-10009%5C%2F1003730017-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F328-East-4-Street-New-York-NY-10009%5C%2F1003730017-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">326-328 East 4th Street</a>

Marcus & Millichap's Joe Koicim and 326-328 East 4th Street

The New York City multifamily market is drawing interest from investors from all over the county. A South Carolina-based investor picked up a pair of East Village buildings from Icon Realty Management for $30.9 million.

One of the buildings, a six-unit property at 82 Second Avenue, traded for $10.9 million, or $2,200 per square foot, one of the highest per-square-foot prices paid for an existing building in the neighborhood, according to listing brokers Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and David Lloyd of Marcus & Millichap.

The second building, a 20-unit property at 326-328 East 4th Street, sold for $20 million, or $1,025 per square foot. The buyers purchased the buildings, both of which are comprised of entirely free-market units, as part of a 1031 exchange deal.

The total price is nearly five times what Icon paid just a few years ago — $3.2 million and $3.4 million for the properties in 2012 and 2010, respectively.

The deals are just the latest in a string of high-priced East Village multifamily transactions in recent months amid rapidly rising rents. The median asking rent for a two-bedroom home in the East Village was $6,240 per month in October, up from $5,778 the same time last year.

Just last month, A.D. Real Estate Investors paid $17 million, or $800 a foot, for a 32-unit rental at 190 East 2nd Street and Slate Property Group paid $14.2 million, or $715 a foot, for a 22-unit rental at 112 Avenue C.

The Icon deal, which penciled out to more than $1 million per unit, is also further evidence of how quickly prices are escalating.

”The rental market has picked up tremendously,” Koicim said. “These buildings traded for a premium because buyers are looking for renovated properties that produce a solid return without too much management overhead.”

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New York

Icon sells two East Village rentals for nearly 5 times what it paid

$31M deal values the buildings at more than $1M per unit

Marcus &amp; Millichap's Joe Koicim and <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/328-East-4-Street-New-York-NY-10009/1003730017-0" target="_blank" data-address="328%20East%204%20Street%2C%20New%20York" data-label="326-328%20East%204th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F328-East-4-Street-New-York-NY-10009%2F1003730017-0" data-bbl="1003730017" data-blockValue="00373" data-lotValue="0017" data-zipcode="10009" data-bldgArea="8%2C625" data-bldgDepth="52" data-bldgFront="20" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="2%2C204" data-lotFront="22.92" data-lotDepth="96.17" data-retailArea="0" data-resArea="8%2C625" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C1" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="8%2C816" data-airRights="198" data-propertyNeighborhood="East%20Village" data-latitude="40.721643177793" data-longitude="-73.9792266267425" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F328-East-4-Street-New-York-NY-10009%5C%2F1003730017-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F328-East-4-Street-New-York-NY-10009%5C%2F1003730017-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">326-328 East 4th Street</a>

Marcus & Millichap's Joe Koicim and 326-328 East 4th Street

The New York City multifamily market is drawing interest from investors from all over the county. A South Carolina-based investor picked up a pair of East Village buildings from Icon Realty Management for $30.9 million.

One of the buildings, a six-unit property at 82 Second Avenue, traded for $10.9 million, or $2,200 per square foot, one of the highest per-square-foot prices paid for an existing building in the neighborhood, according to listing brokers Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and David Lloyd of Marcus & Millichap.

The second building, a 20-unit property at 326-328 East 4th Street, sold for $20 million, or $1,025 per square foot. The buyers purchased the buildings, both of which are comprised of entirely free-market units, as part of a 1031 exchange deal.

The total price is nearly five times what Icon paid just a few years ago — $3.2 million and $3.4 million for the properties in 2012 and 2010, respectively.

The deals are just the latest in a string of high-priced East Village multifamily transactions in recent months amid rapidly rising rents. The median asking rent for a two-bedroom home in the East Village was $6,240 per month in October, up from $5,778 the same time last year.

Just last month, A.D. Real Estate Investors paid $17 million, or $800 a foot, for a 32-unit rental at 190 East 2nd Street and Slate Property Group paid $14.2 million, or $715 a foot, for a 22-unit rental at 112 Avenue C.

The Icon deal, which penciled out to more than $1 million per unit, is also further evidence of how quickly prices are escalating.

”The rental market has picked up tremendously,” Koicim said. “These buildings traded for a premium because buyers are looking for renovated properties that produce a solid return without too much management overhead.”

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