ABS Partners Completes $32 Million Sale of Prime Redevelopment Opportunity in Greenwich Village
NEW YORK, N.Y. (December 6, 2012)After lining up a number of strong buyers, ABS Partners Real Estate recently completed the sale of an eight-story parking garage in Greenwich Village for $32 million - more than $700 per square foot.
ABS Partners Executive Managing Director Alan S. Cohen, Co-Managing Partner Steven Hornstock, Director Adam Maxson and Associate Justin Strizzi all played critical roles in navigating the closing for the family.
“The ABS team performed a stellar job navigating this complex transaction from start to finish,” said one of the sellers Darren Postel. “ABS coordinated with a broad range of buyers to get this disposition executed, showcasing the team’s impressive knowledge and expertise in this area. I could not be happier with the resulting sale at such an impressive number.”
The 45,032-square-foot property is a prime redevelopment opportunity, specifically for a conversion to high-end residential use. According to Maxson, other potential conversions could include offices, educational use, retail or the continued use as a parking garage. Located on the southern side of East 13th Street, between University Place and Fifth Avenue, the property is just steps from Union Square. A similar building that was a parking garage at 66 East 11th Street was recently converted into a residential building offering luxury condos.
“It’s a very desirable location, and a unique opportunity in this area,” said Cohen. “The structure is truly a raw space, with many creative redevelopment possibilities and the close proximity to mass transit and other amenities the neighborhood provides were strong selling points of the property.”
Recent construction activity in the Greenwhich Village area also helped create a strong demand for the building from a wide range of buyers that included both small local investors and large international investment groups, Maxson said. The New School is currently constructing a 375,000 SF University Center building on just across the street and is scheduled to open in the fall of 2013. Also, a high-end 113-room boutique hotel, the Jade Hotel, is being built on West 13th.
“ABS represents approximately 6.5 million square feet of space, primarily in the Union Square, Midtown South, Flatiron area,” said Maxson. “Completing a number of recent transactions in these areas, we have established a reputation for being a knowledgeable expert. This experience provides us with a full understanding of both the buyer’s and seller’s perspective, resulting in a very smooth and effective sales process.”
Hertz Rental Car previously occupied the ground floor, had vacated the building as its lease expired this past fall. The move allowed the building to be sold vacant, eliminating the uncertainty of a holdover tenant for potential buyers.
Constructed in 1930 of brick, steel, and concrete, the building was most likely used as a horse stable in addition to a parking garage for cars, as evidenced by heating coils throughout the building, according to Maxson. Also present are two large car elevators that service the building.
About ABS Partners Real Estate
ABS Partners Real Estate, LLC is a premier New York-based real estate services firm. Founded by industry leaders with more than a century of collective experience, ABS has assembled a dynamic team of professionals with expertise in all facets of real estate services, including owner-advisory services, leasing, sales and property management. ABS also specializes in land use and ground lease consultation, the transfer of development rights, fractional ownership valuation, FAR valuation, and services specifically related to the issues faced by families holding real estate for multiple generations.