Manhattan portfolio sells for big money
Space commands average $785 a square foot
By Inman News, Thursday, March 8, 2007.Marcus & Millichap arranged the sale of a two-property portfolio in Manhattan for $17 million.
The sale included the 20,175-square foot Empire parking garage and a 2,200-square-foot, mixed-use building. The Empire State Parking Garage, located at 2479 Amsterdam Ave., has a buildable area of 120,000 square feet. The asset sold for $15.2 million on an all-cash basis. The second property is a mixed-use building located at 2498 Amsterdam Ave., just off the corner of 185th Street. The fully occupied building sold for $1.8 million.
Both properties in the portfolio are located in the Washington Heights neighborhood of Manhattan and are surrounded by the campus of Yeshiva University.
Neither the buyer's nor the seller's identity was disclosed.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.
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