56 West 11th Street Realty LLC has purchased a 31,000-square-foot building at 56-58 West 11th Street in Greenwich Village for just under $18.5 million, The Commercial Observer has learned.
The nine-story building, built in 1912, features 36 residential units, with what broker Howard Morrel, who arranged the off-market sale, said is “virtually guaranteed upside” in one of Manhattan’s most sought-after neighborhoods.
“It’s basically like buying a bond that’s going to increase every year,” said Mr. Morrel, of Brown Harris Stevens.
It’s like a “needle in a haystack” when considering that most properties in the area are passed on for generations, he added, noting that the deal closed within a day of identifying a buyer.
“This is a very rare find,” he said. “It’s a beautiful pre-war build on a spectacular block—one of finest in the prime NYU section of Greenwich Village.”
The buyer plans to maintain, upgrade the property and hang onto it as a “gem in their portfolio,” Mr. Morrel said.
Mr. Morrel represented the buyer of the Fine Arts Building at 232-236 East 59th Street in February when the property was sold for $34 million – the first sale of the building since the local investors purchased the building in the 1950′s, as reported in The Commercial Observer.
Marcus & Millichap’s Kailin Zhu exclusively represented the seller, 232 Battaglia Realty LLC, with Tanya Siegel, in that transaction.
The seller of the 11th street property, a private trust, did not disclose its broker.