Invictus

6,480
SF
8
Units
4.8%
Cap Rate
11.81x
GRM
137722
ANNUAL TAX BILL

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INVESTMENT HIGHLIGHTS

Invictus Property Advisors is pleased to announce the sale of a mixed-use elevator building in Gramercy for $5,300,000. Newly developed in 2016, the property is exempt from Good Cause Eviction (GCE) and offers immediate upside with no tax abatement and under-market free-market rents. The in-place retail is occupied by a publicly traded medical laboratory tenant with a $15.60 billion market cap, leased for another five years.

Our marketing efforts resulted in nineteen written offers within four weeks and twelve property tours. The property sold above asking price, with metrics of $817 per sq. ft., $757k per unit, a 12x GRM, and a 4.8% cap rate. We are projecting a stabilized cap rate of 7% in years 2-3.

Our team represented a family that owned the property since 1997. This is the first sale of four properties we are handling in Manhattan for ownership. While certain legislative headwinds are concerning to investors of multifamily and mixed-use properties, assets in prime locations with a true value-add narrative remain competitive.

Manhattan Mixed-Use

INVESTMENT HIGHLIGHTS

exclusive agents

Josh Lipton

Andrew Levine

Jax Hindmarch

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