Massey Knakal has arranged the record sale of a commercial loft building at 37 East 12th Street in Greenwich Village for $26.6 million, paving the way for another luxury condo building in the area.
With a sale price of $1,028-per-square-foot, the eight-story building with approximately 25,878 square feet, formerly occupied by antique showroom Kentshire Galleries, set a pricing record in the area for a conversion property, according to the firm.
James Nelson recently ushered a dozen Colgate University undergraduate students on a tour through The Abingdon, a West Village nursing home-turned-luxury condo where some units, which sold out this month, ran for more than $10 million.
With the help of his team, Mr. Nelson, a partner at Massey Knakal, sold the property at 607 Hudson Street for just over $33 million to Flank Architects in 2011 on behalf of nonprofit group VillageCare, which previously ran a nursing home there.
Much like the undergrads, the investment sales heavyweight traveled The Abingdon’s hallways with looks of awe, as Jon Kully, a principal at Flank, led the group into its sprawling condos. The building bore no resemblance to the nursing home Mr. Nelson had first stepped foot into in 2007. “They had 200 beds packed in there, and it wasn’t up to code, and it was in desperate need of renovation,” he said. “This was a complete transformation. It really was amazing what they did, and to know that I had a small part in making that happen was great.”