Massey Knakal Sale Spurs Another Luxury Residential Development in Greenwich Village
Al Barbarino March 12, 2014, 2:54 p.m.
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.
“The longtime owners of Kentshire Galleries wanted to take advantage of the rising prices for conversion properties in Greenwich/Central Village,” said Massey Knakal’s Mitchell Levine, who handled this transaction with James Nelson, as quoted in a prepared statement.
“Demand for the building was strong with more than a dozen of the top New York City developers competing for [it]. This portion of the central Village is quietly becoming the ‘it spot’ for luxury residential in New York City.”
Over the last several years, new luxury condo development projects to break ground in the area have included 66 East 11th Street, 12 East 13th Street, and 17 East 12th Street, all of which were former parking garages.
Recent conversion sales 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,” the firm stated.
Kentshire Galleries will consolidate its business at a separate Madison Avenue location. The buyer was not disclosed.