Manhattan portfolio sells for big money

Space commands average $785 a square foot

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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. *** What's your opinion? Send your Letter to the Editor to