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(Read more on the multifamily market.)

NEW YORK CITY-Marcus & Millichap Real Estate Investment Services has arranged the sale of the lease on a 14-story building, consisting of 164 multifamily units and four commercial units in Manhattan. The sales price of the leasehold position was $16.2 million which represents $96,429 per unit and $119.72 per sf.

Sharon Bands, senior director of Marcus & Millichap’s National Retail Group in Manhattan, and Peter Von Der Ahe, a director of the firm’s National Multi Housing Group in Manhattan, were picked by the trustees appointed by the Bankruptcy Court to procure the buyer.

A source close to the deal tells GlobeSt.com that the trustee was David Kittay from Kittay & Gershfeld PC. He is located in North Tarrytown, NY, the source adds. The source did not reveal the buyer.

“The new owner has acquired an excellent investment property in New York City’s thriving commercial real estate market,” explains Bands in a prepared statement. “This 168-unit apartment building has four commercial tenants and a 100-plus car garage.”

Located at 230 E. 44th St., the 135,315-sf building is situated on a 130-foot by 100-foot lot between Second and Third avenues. The building was sold at under seven times the gross rent roll; however, the leasehold payments are set to recalculate to an undetermined amount within 10 years, making the income projections on the property difficult.

“After years of being on and off the market, this asset finally went through the bankruptcy process,” explains Von Der Ahe. “In the end, our client was pleased with the sales price we negotiated in this complex transaction.”

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