NEW YORK CITY-After selling 12 Fifth Avenue along the West Village’s “Gold Coast” in February, Mar-Mart Realty Co. Inc. has disposed of another prime Village rental property. The firm has sold 205 West 10th St., a six-story, elevator apartment building near the neighborhood’s commercial corridor for $11.5 million, GlobeSt.com has learned exclusively.
The sales price represents $383,333 per unit, or $762 per square foot, according to Marcus & Millichap Real Estate Investment Services, who handled the transaction.
John Stewart, a senior associate in Marcus & Millichap’s Manhattan office who represented the seller as well as the buyer, tells GlobeSt.com that the building is one of the only elevator building to trade in the West Village in the last 12 months, making it a desirable deal in an area with steady rent growth and high interest. “There’s long-term ownership,” he says, noting that the current owners had a desire to retire, and recently completed a 1031 exchange into a portfolio of triple-net properties.
Stewart says the buyer is a “private investor” who asked not to be indentified, and city records have not been updated with new information since March 14. He adds that Marcus & Millichap Capital Corp. also arranged a $5.5 million acquisition loan on the transaction, but the “details are still being finalized.”
Located between Bleecker and West Fourth Streets, the property is located a half block from Bleecker’s commercial corridor. Constructed in 1924, the 30-unit building features 18 free-market units, 10 rent stabilized apartments and two rent-controlled units. The unit mix is 16 studios, 13 one-bedroom units and one three-bedroom apartments with two bathrooms and garden area.
Stewart, who also sold a mixed-use building at 304 Bleecker St. earlier in the year, anticipates more deals like this as the year goes on. “I believe it’s going to be a relatively tight market in the Village always because it is a very desirable neighborhood to own a building, but that’s relative to the past three or four years, there will probably be a little bit more velocity,” he says.