Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today, has announced the sale of 52 Greene Street in Soho, according to Regional Manager and Vice President John Krueger. The mixed-use site sold for $10,400,000, and rated at a 3.52% cap rate.

Marcus & Millichap agents Matt Fotis and Colton Traynham, of the firm’s Manhattan office, exclusively represented the seller, a local family. Th duo also procured the buyer, an international investor.

52 Greene Street is a mixed-use office and retail building located in the SoHo neighborhood, between Grant and Broome Streets. Encompassing approximately 5,029 SF across three stories and a finished basement, 52 Greene has one ground-level retail suite and two floor-through office units. With 4,346 square feet of additional air rights, the sales team said, “The retail market continued to correct and reset throughout the entire process, leaving investors uncertain about future projections.”

“Ultimately, we connected with a buyer who saw value in the available air rights to make this a successful transaction.”

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.