West Village Multifamily Property Breaks Area Price Per SF Record
Danielle Schlanger Feb. 9, 2015, 5:24 p.m.
A pre-war property at 316 West 11th Street between Greenwich and Washington Streets has been sold for $10.2 million breaking a West Village record for price per square foot for a multifamily building, according to a spokeswoman for Marcus & Millichap.
The four-story mixed use rental property, which now sits vacant on an irregularly-shaped lot, changed hands for $2,661 per square foot. The retail property has recently been occupied by a gallery. There are four apartments in the 4,020 square-foot property, including 3,020 square feet of residential space and 1,000 square feet of retail space, according to PropertyShark.com.
According to Joe Koicim of Marcus & Millichap, the seller, Somar and Khaled Jalanbo of Jalanbo Funding LLC, is selling the property to make way for “bigger opportunities” and is “looking at much larger assets in the city.”
Mr. Koicim, along with Marcus & Millichap’s Peter Von Der Ahe and Sean Lefkovits represented the seller. Shaun James, also of the firm, represented the buyer, an entity from Japan. Mr. Koicim declined to further identify the buyer. The deal closed on Feb. 4.
“The location of this corner property is unbeatable,” said Mr. Lefkovits in prepared remarks. “We were able to execute this sale with the proper marketing strategy that led us to the perfect buyer. It was a very smooth transaction.”
Mr. James could not immediately be reached for comment.
Jalanbo Funding purchased the property in 2012 for $5.8 million, according to city property records.