Marcus & Millichap
260 Madison Avenue, 5th Floor
New York, NY 10016
Sold
240 East 27th Street
Kips Bay, New York, NY 10016
Multifamily
$210M
Sale Price
348,386 SF
Building Size
$603
Price / SF
Q3 2007
Closing Date
The Story
This deal required us to play a strategic advisory role beyond just running the sale. We counseled the seller against pursuing a condominium conversion as the condo market was beginning to show cracks, and convinced Equity Residential to delay closing by six months to allow the seller to complete critical tax planning.Property Highlights
- 325 units on a full block-through footprint
- Faces the NY Langone medical campus, generating demand from residents, physicians, nurses, and students who prioritize a two-minute commute
Deal Team
Eric Anton