 |
| 19 West 8th Street, Greenwich Village neighborhood New York, NY |
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of 19 West 8th Street, a
8,831-square-foot, five-story mixed-use building, located in the Greenwich
Village neighborhood of New York City.
The $10,250,000
sales price equates to approximately $1,160 per square-foot. The seller is
actively looking for a replacement asset.
Peter
Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar,
all in Marcus & Millichap’s Manhattan office, represented the seller, JMC
Holdings, and the buyer, a private investor.
“The
building was bought by JMC in 2011 for $4,925,000” says Von Der Ahe. “We were
able to sell the building at over double the price they paid in 2011, which
equates to roughly $1,160 per square-foot.”
 |
| Sean Lefkowitz |
“Aside
from the rent-stabilized units, the entire building has undergone extensive
renovations,” adds Lloyd.
Built in
1920, the property at 19 West 8th Street consists of one retail unit and eight
residential units.
It underwent a high-end renovation including six apartments
units, the stairwell, roofs, plumbing and security.
All of the renovated, free-market units feature stainless
steel appliances, granite countertops and marble bathrooms. In addition, there
are three units that feature terraces, as well as two penthouse units that
contain 16-foot ceilings and skylights.
“We had
significant interest in the property, and within one month of marketing the
building we found the right all-cash buyer, who was able to execute a contract
and close one week later.” concludes Koicim. “We are now in the midst of
helping JMC find a replacement asset to effectuate a 1031 exchange.”
 |
| Assaf Tayar |
The property is located in the heart of Greenwich Village
near Washington Square Park, just steps from New York University and New York
University School of Law.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment