Marcus & Millichap marketing prime conversion sites.

Marcus & Millichap Real Estate Investment Company is marketing two prime sites at either end of the city.

The brokerage firm has received the exclusive listing to market for sale a 19-unit apartment property located in New York City at 7 East 75th Street. The list price of $14.75 million represents $776,316 per unit.

Sharon Bands and Peter Von Der Ahe, agents in Marcus & Millichap's Manhattan office, are marketing the property on behalf of the seller, a local private investor.

The property is a five-story, 19-unit building plus a penthouse and is located on 75th Street between 5th and Madison. Tenants are within a short walking distance to Central Park and all Upper East Side amenities and services. The structure was originally built in 1910 and was converted to an apartment building in 1943. The elevatored building, whose facade retains many original architectural details, totals 17,010 square feet and features a full basement, spacious courtyard, plus a large roof deck and terraces. The property is comprised of two rent-controlled units, eight rent-stabilized units and nine free-market apartments. The new owner could consider converting the property to for-sale condos or a co-op, according to the listing agents. The firm is also marketing the sale of a mixed-use property in New York City's Greenwich Village for $12 million. With its prime location, the property has excellent redevelopment potential.

Tanya Khabay, an investment specialist in Marcus & Millichap's Manhattan office, represents the seller, an out-of-state investor.

"This is a rare mixed-use opportunity in Greenwich Village," notes Khabay. "There's the potential to add tremendous value to the property through redevelopment, possibly as a condo development site or the investor can receive additional square footage for community-focused development."

The property, at 52-54 W. 13th St., consists of two components: residential and commercial. The residential portion is comprised of a three-story walk-up apartment building with one apartment per floor. The commercial component consists of two commercial units both operating as restaurants, and two vacant residential units. Per zoning regulation, maximum gross allowable building area for the subject site would be 26,000 +/- square feet or 31,000+/- square feet with bonus.