Marcus & Millichap closed the $4.8-million sale of 47 Bayard St., a mixed-use property in Lower Manhattan’s Chinatown neighborhood. The transaction marks the first time the property has changed hands in more than 66 years.
“Mixed-use buildings with no rent regulation and a clear path to becoming vacant continue to attract the largest buyer pool in the market today,” said Matt Fotis. Fotis, Michael Weinstein and Colton Traynham, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer, both local private investors.
Built in 1910, the four-story, 8,025-square-foot 47 Bayard is located between Elizabeth and Bowery streets in Chinatown. The mixed-use property includes a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. The top two floors were delivered vacant.
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