European Family Buys 1 Christopher Street for $95M
The 102,500-square foot mixed use property traded within nine days in an all-cash transaction.
A Greenwich Village mixed use property has sold for $95 million, or $927 per square foot. Seller Jimmy Silber placed the property on the market just before the end of 2020 and it traded within nine days to a European family, Carmine Limited, which paid cash.
1 Christopher Street is a 16-story, 102,500-square-foot Neo Federalist-style tower with 127 residential units and 10 ground-floor retail and office spaces. Silber tapped Marcus & Millichap’s Joe Koicim and Peter Von Der Ahe in the company’s Manhattan office to market the property shortly before the end of the year.
“Built by the seller’s grandfather in 1931 and held in the family for almost 100 years, the building was purchased by a European family who recognizes the inherent value of long-term New York City multifamily ownership,” said Koicim.
Located on the corner of Christopher Street and Greenwich Avenue, the building is close to New York University.
The sale comes on the heels of what was one of the weakest quarters for Manhattan investment sales in the last decade. Sales volume in the office sector fell 52% year-over-year in the fourth quarter, according to Transwestern.