Marcus & Millichap Brokers $10.3 Million Sale of Fully Occupied Chelsea Mixed-Use Property

Marcus & Millichap has arranged the $10.3 million sale of 212 Eighth Avenue, a fully occupied mixed-use building in Manhattan's Chelsea neighborhood, the firm announced Sept. 1, 2026. The transaction closed at $1,041 per square foot.

Joe Koicim of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer. The purchaser was a repeat client of the team, representing foreign capital investing in the New York City market, Koicim said.

Property Details: A Century-Old Building, Recently Renovated

The 9,891-square-foot building at 212 Eighth Avenue sits on a 2,723-square-foot lot and was originally constructed in 1900. The property has been recently renovated and comprises 17 residential apartments and one ground-floor commercial unit, totaling 18 units.

The apartment mix includes 10 studios, five one-bedroom units, and two two-bedroom units. All residential units feature washers and dryers, Italian-made cabinetry, oak flooring, and Carrara marble-inspired bathrooms. Seventy-six percent of the apartments are free market, providing income upside relative to a fully regulated building.

The ground-floor commercial space spans 900 square feet with 133.92 feet of wraparound frontage and is occupied by Heavenly Markets & Deli. The property was fully occupied at the time of sale.

Chelsea Location and Market Context

The property is situated in Chelsea, one of Manhattan's most active submarkets, near the High Line, Little Island, and Chelsea Market. The surrounding area is anchored by major employment hubs, including Google's New York City campus and Hudson Yards. The building is also close to the 23rd Street subway stations, which serve the 1, C, and E lines.

The property previously traded in 2024 for $7.1 million, meaning the 2026 resale at $10.3 million represents roughly 45% price appreciation over approximately two years.

The transaction aligns with a broader acceleration in higher-value commercial real estate deals. Marcus & Millichap reported second-quarter 2026 revenue of $202.9 million, up 17.8% year over year, with brokerage revenue of $167.0 million and financing fees of $30.3 million. The firm completed 1,530 brokerage transactions totaling $9.49 billion in brokerage sales volume during the quarter, with total company sales volume reaching $14.1 billion. Larger transaction revenue jumped 43% year over year in the same period.

Transaction Summary

"212 Eighth Avenue closed at $1,041 per square foot," Joe Koicim said. "The purchaser was a repeat client of the team, representing foreign capital investing in the New York City market."

Marcus & Millichap closed 8,818 transactions in 2025 with a sales volume of approximately $50.9 billion.

Sources

Marcus & Millichap Press Release: $10.3M Sale of 212 Eighth Ave., Sept. 1, 2026