Press Releases
Marcus & Millichap Brokers Sale of Mixed-Use Building in Manhattan’s Chinatown
April 10, 2025
NEW YORK, April 10, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $4.8 million sale of 47 Bayard Street, a mixed-use property in New York. 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, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
“Our commitment to being local experts, combined with our ability to execute a thoughtful marketing campaign and cast a wide net, led us to identify an owner-user expanding their successful local brand,” added Weinstein.
Built in 1910, the four-story, 8,025-square-foot building is located between Elizabeth and Bowery streets in Manhattan’s Chinatown neighborhood. 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.
“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, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
“Our commitment to being local experts, combined with our ability to execute a thoughtful marketing campaign and cast a wide net, led us to identify an owner-user expanding their successful local brand,” added Weinstein.
Built in 1910, the four-story, 8,025-square-foot building is located between Elizabeth and Bowery streets in Manhattan’s Chinatown neighborhood. 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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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
