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Massey Knakal Sells Townhouse In Greenwich Village To Good Property

11/29/2012

A townhouse building at 74 Washington Place, located between Sixth Avenue and Washington Square Place in the heart of Manhattan’s Greenwich Village, was sold in an all-cash transaction valued at $9,300,000 to Good Property, a real estate firm specializing in property development, brokerage, investments, consulting and financing, was the buyer.

The five-story brownstone contains approximately 5,077 square feet and sits on a 22.33’ x 96.25’ lot.  It is currently configured into four fair market apartments, three one-bedroom units and one 2.5-bedroom duplex with garden.  There are also approximately 2,317 square feet of available air rights.  The sale price equates to approximately $2,112 per square foot.

Built in 1848 in the Transitional Style, this brownstone located only steps off Washington Square Park is a prime opportunity for a conversion to a single family residence, as larger single family homes in the Village are extremely rare.  Nearby finished homes such as 20 East 10th Street, 109 Waverly Place, and 40 West 10th Street have resold for upwards of $20,000,000, and there are currently a number of mega-single family townhomes on the market in the area for circa $30,000,000.

74 Washington was originally part of the Lurose Portfolio which includes 285 West 12th Street, 121 West 92nd Street, and 143-45 West 4th Street, which Massey Knakal sold a few months ago. Although the sellers originally were pursuing an off market portfolio offer, James Nelson and his team determined that to maximize proceeds it was best to widely market the buildings individually,  as they were different asset classes and locations.  

Within the last six months, Good Property has started four residential developments in New York City, including two single family townhomes and two mixed-use buildings, and has acquired a number of additional assets for future development. “Our experience with James and his team has been nothing short of stellar, and we are thrilled to have developed a strong and ever-growing relationship with Massey Knakal,” says Joshua Gurwitz, co-founder of Good Property. 

“We identified Good Property as the ideal purchaser for this property after only being on the market for a week. They have a history of delivering spectacular luxury residential product and are known for their professionalism and an ability to move smoothly and efficiently through transactions. The seller was thrilled that they could move quickly and close in a short time frame,” said  Massey Knakal Partner James P. Nelson, who exclusively handled this transaction with Director of Sales Mitch Levine.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

11/28/2012 - 17:42

Source

Cushman & Wakefield Capital Markets Group New York

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