Caro Estate Sells Multifamily Portfolio For $85.9M With Marcus & Millichap's Broker Team

The Caro Estate, a property portfolio consisting of 349 units, has been sold in a package deal. The portfolio includes retail and multifamily assets located at 151 East 90th Street, 66 West 88th Street, 101 Cooper Street, 106 Pinehurst Ave, 135 West 225th Street, and 5723 Myrtle Avenue. The sale price for the portfolio was $85,900,000, with a total square footage of 362,068. The price per square foot was approximately $237, and the per unit price was $246,131.

Summary of transaction details

• Property Type: Package Deal - Retail & Multifamily
• Transaction Amount: $85,900,000
• Square Footage: 362,068
• Number of Units: 349

The sale was brokered by Peter Von Der Ahe, Joe Koicim, Seth Glasser, Scott Plasky, Haley Hasho, Michael Fusco, Jake Kahn, Danny Handweiler, and Billy Stephan from Marcus & Millichap. The portfolio had been under the ownership of the same family for over 90 years and 94% of the portfolio consisted of rent-stabilized units. Notably, all five multifamily assets in the portfolio are elevator buildings.

NOTE: The NewYorkMultifamily team handled the 349-unit estate sale, which was purchased by six different buyers.