Marcus & Millichap has completed the sale of 312 Bowery, a multifamily asset in Manhattan’s NoHo neighborhood, for $16.65 million. The firm exclusively marketed the property on behalf of the seller, Bremen House, Inc., and also secured the buyer, Allied Realty & Development Corp., in the transaction.
Marcus & Millichap’s John Stewart and Dylan Torey led the marketing and sale efforts. According to Stewart, buyer interest in the offering ranked among the most active the team has seen this year, reflecting the limited availability of free-market multifamily assets in the current environment. He noted that well-maintained properties without a history of rent regulation, or with attorney-approved documentation confirming deregulation, continue to draw the most motivated buyers.
The marketing process for 312 Bowery reportedly attracted competitive bidding, with buyers focusing on the combination of free-market status and a core NoHo location. Stewart observed that similar assets can still command aggressive pricing, including bidding wars and, in some instances, cap rates below five percent, when they are positioned as high-quality, unregulated multifamily properties in supply-constrained neighborhoods.
Located within the NoHo East historic district, the building stands five stories tall and totals approximately 23,000 square feet. Originally constructed in 1920, the property underwent a conversion to multifamily use in 2004. It now comprises 22 modernized, free-market apartment units, reflecting an updated residential program within a historic framework.
In addition to its residential component, 312 Bowery includes a sizable commercial presence at street level. The ground floor features a 3,900-square-foot commercial space currently occupied by The Hole, an art gallery. The property also carries roughly 7,000 square feet of unused development rights, offering potential for future expansion or repositioning, subject to applicable regulations and approvals.
The combination of historic character, free-market residential units, and an established gallery tenant underscores the mixed-use profile of the asset. Within the NoHo East historic district, where new development is tightly controlled and existing stock is finite, the sale of 312 Bowery illustrates how scarcity and regulatory clarity around rents can influence investor interest and pricing for multifamily buildings.
