A NoHo multifamily building with a ground floor gallery just traded hands for $16.65 million, as Marcus & Millichap brokered the sale of 312 Bowery. The five story property was converted to multifamily in 2004 and now holds 22 modernized free market apartments atop a street level art space. Brokers John Stewart and Dylan Torey represented the seller, marketing the asset on behalf of Bremen House Inc., in a deal that underscores how hungry investors remain for true free market rental stock in Manhattan.
“Buyer demand was some of the strongest we've seen this year due to the scarcity of truly free market multifamily properties,” Stewart said, noting that well maintained properties in core locations were drawing aggressive bids, according to New York Real Estate Journal. Marcus & Millichap said Stewart and Torey exclusively marketed the property and also procured the buyer.
Building and location
The building totals roughly 23,000 square feet on a 5,000 square foot lot, was built in 1920 and contains 22 residential units, according to PropertyShark. On the ground floor, the commercial space is occupied by The Hole gallery, which lists 312 Bowery as its Bowery address on its website, per The Hole.
Deal specifics
Marcus & Millichap marketed the sale for Bremen House Inc. The New York Real Estate Journal reports the buyer as Allied Realty & Development Corp. and notes that the property carries about 7,000 square feet of unused development rights and a 3,900 square foot commercial space. Traded, which tracks commercial real estate closings, lists the buyer as investor Danny Hakakian and records a July 8 closing at a price of roughly $740 per square foot.
Why the NoHo trade matters
The $16.65 million sale slots into a larger trend that has investors gravitating toward market rate multifamily in Manhattan while sidestepping rent stabilized buildings that offer limited upside. Commercial Observer recently reported that rent stabilized properties are increasingly treated as long term holds, a dynamic that is pushing buyers toward free market assets with clearer paths to value creation.
Looking ahead
The property sits inside the NoHo East historic district, which can constrain redevelopment options and add another layer of review, according to community board records. In practice, that means the new owner will be weighing how to handle the existing gallery tenant and the building's character alongside any plans tied to the roughly 7,000 square feet of unused development rights.
