Peter Armstrong’s Rigby Real Estate Fund II, LP has purchased a development site off Fifth Avenue at 17 East 12th Street for a record-breaking $50.2 million, where the firm plans to build an 11-story luxury condominium building.
The size of the development site – with 48,583 buildable square feet – and its location just outside the Greenwich Village historic district made the offering extremely rare, leading to what brokers characterized as highly competitive auction for one of the last remaining sites in the area.
“50,000 square-feet in Greenwich Village is unique, and this site being outside of the historic district provides enormous flexibility,” NGKF Capital Markets‘ Justin DiMare, who arranged the sale, told The Commercial Observer, “Large, modern residences will be received well at this location.”
The buyer plans to build three additional stories atop the existing eight-story structure.
The purchase price equates to $1,034 per buildable square foot, breaking the current record of $750 per square foot for a pure residential development site, which was set last year with the sale of 1108 Park Avenue.
The site was sold on behalf of the Brauser family.