(Read more on the multifamilymarket.)
NEW YORK CITY-Marcus & Millichap Real Estate InvestmentServices has retained the exclusive listing for four five-storyapartment buildings, totaling 87 units, in Manhattan. The listingprice of $11.3 million represents $129,310 per unit. Peter Von DerAhe, director of the national multihousing group at Marcus &Millichap, tells GlobeSt.com that the seller is a privateindividual who has owned the property for almost 30 years, whichallows an investor to create value through rent growth.
Located at 575-587 W. 177th St., the 48,350-sf property consistsof four five-story buildings situated on a 148-foot by 94-foot loton 177th Street, between St. Nicolas and Audubon Avenue. “Averagerents are just over $700, leaving ample upside for a new owner toincrease the NOI,” Edelstein notes. The property features a strongmix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroomunits.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
