Marcus & Millichap Achieves $94.5M Sale of Multifamily Portfolio

Marcus & Millichap Closes Significant Multifamily Transaction

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has successfully closed a remarkable deal involving The Chelsea Collection, a multifamily portfolio comprising 13 properties with a total of 147 units situated in New York City's Chelsea neighborhood. This sale, valued at $94.5 million, marks one of the most significant multifamily transactions in the area this year.

Significance of the Chelsea Collection Sale

The sale was orchestrated by a team composed of Joe Koicim, Logan Markley, Chris Dintrone, and Kory Barbanel from the NYM Group at Marcus & Millichap. This team played a crucial role in representing the seller, BlackSpruce Management, owned by Josh Gotlib, while also identifying a qualified out-of-town buyer for the portfolio. Koicim expressed that transactions of this scale are rare in New York, emphasizing that the Chelsea Collection's mix of location, quality, and future growth potential makes it highly appealing to investors aiming to leverage New York's market recovery.

Expertise in Multifamily Investments

Joe Koicim pointed out, "The Chelsea Collection incorporates top-tier multifamily assets in one of the most desirable residential sub-markets, trading just shy of $1,000 per square foot. Our extensive experience and specialization in this asset class allowed us to attract outside capital effectively." This statement echoes the broader trend of increasing demand for multifamily properties across New York City.

Team Achievements and Continuing Momentum

Commenting on Koicim’s substantial contributions, John Horowitz, who leads Marcus & Millichap's Northeast Division, remarked on the strength of relationships developed with property owners. These enduring connections have facilitated a successful track record, highlighted by closing 95 buildings valued over half a billion dollars within the city during the same timeframe. The achievements stand out even more amid one of the most challenging market conditions New York has faced in years.

Understanding the Portfolio's Local Impact

Located in a prime area between West 19th Street and West 29th Street, the buildings in this 98,000-square-foot portfolio all enjoy close proximity to vibrant community amenities. The Chelsea Collection’s successful sale not only highlights the enduring appeal of multifamily assets in New York City but also serves to reinforce the ongoing demand within this market, despite the evolving landscape.

About Marcus & Millichap, Inc.

Marcus & Millichap, Inc. (NYSE: MMI) stands tall as a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services. With an expansive network of over 80 offices across the United States and Canada, the firm comprises 1,783 investment sales and financing professionals dedicated to serving both buyers and sellers in the real estate market. In 2023, Marcus & Millichap successfully closed 7,546 transactions, achieving an impressive sales volume of approximately $43.6 billion.

This continuous track record solidifies their status in the industry, as they provide invaluable market insights and consulting services to their clients. To learn more about their offerings and recent activities, interested parties can visit www.MarcusMillichap.com.

Frequently Asked Questions

What did Marcus & Millichap recently achieve?

They successfully closed a $94.5 million sale of The Chelsea Collection, a multifamily portfolio in New York City.

Who were the key players in this transaction?

Joe Koicim, Logan Markley, Chris Dintrone, and Kory Barbanel were instrumental in representing the seller and engaging the buyer.

Why is this sale significant for the market?

This transaction reflects the ongoing demand for multifamily properties in an evolving market, showcasing its resilience.

How many transactions did Marcus & Millichap close in 2023?

They closed 7,546 transactions with a total sales volume of about $43.6 billion.

Where can I find more information about Marcus & Millichap?

More details and insights can be found on their official website at www.MarcusMillichap.com.

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