Marcus & Millichap, a real estate brokerage firm, recently facilitated the sale of 77 Barrow St., a multifamily property located in Manhattan’s West Village. The property was sold for $6.7 million and was marketed by investment specialists Joe Koicim and Peter Dodge from Marcus & Millichap’s Manhattan office.
The seller of the property was a family who had owned and operated it for over 35 years. The buyer, also a private investor, was procured through targeted marketing efforts by Koicim and Dodge.
Dodge expressed his congratulations to both parties involved in the transaction for its smoothness and success. He credited their direct on-the-ground marketing approach for attracting an eager local investor who wanted to expand their presence in the neighborhood. This created a competitive bidding environment that ultimately resulted in the sale at just under a 4.5% cap rate based on current income.
Built back in 1900, this five-story building contains twenty apartments that were all included as part of this transaction.
