Massey Knakal Sells Conversion Property In Greenwich Village
A commercial loft building at 37 East 12th Street, located between University Place and Broadwayin Manhattan’s Greenwich Village neighborhood, was sold in an all-cash transaction valued at $26,600,000.
The eight-story building, plus lower level, contains approximately 25,878 square feet and sits on a 37’ x 103’ lot. It was occupied by an antique showroom and features large open floor plates with tremendous ceiling heights. Located just south of Union Square, the property will be converted to a luxury condominium building. The sale price equates to approximately $1,028 per square foot which is record pricing in the area for a conversion property.
“The long time owners of Kentshire Galleries wanted to take advantage of the rising prices for conversion properties in Greenwich/Central Village. Kentshire will be consolidating their business at their Madison Avenue location,” said Massey Knakal’s Mitchell Levine, who exclusively handled this transaction with James P. Nelson. “Demand for the building was strong with more than a dozen of the top New York City developers competing for the property. This portion of the central Village is quietly becoming the ‘it spot’ for luxury residential in New York City,” Levine added. This section of Greenwich Village is quickly transforming into an ultra-luxury residential neighborhood. Over the last several years, new luxury developments have been sprouting up such as 66 East 11th Street, 12 East 13th Street, and 17 East 12th Street, all of which were former parking garages. These exclusive projects are being transformed into high-end boutique condominiums. Recent conversion sales in addition to 37 East 12th Street include, 110 University Place (currently home to Bowlmor Lanes), and 809 Broadway (the former Blatt Billiards Building). These sales will continue to transform the Central Village over the next few years.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.