Garvin, Gembecki and Ball of Cushman & Wakefield retained to sell three lower Manhattan properties

May 01, 2018 - New York City

Manhattan, NY Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of three properties in lower Manhattan. The properties include a mixed-use building at 228 Thompson St. and a townhouse at 51 West 11th St., both in Greenwich Village, and two retail condos at 41 Seventh Ave. South in the West Village.

A team led by executive managing director Guthrie Garvin, with director Michael Gembecki and associate Alexander Ball will represent the sellers in all marketing efforts. Garvin and his team are handling all Cushman & Wakefield investment sales efforts within the Greenwich Village, West Village, East Village, and NoHo submarkets.

“We are excited to bring these three highly desirable assets to market,” said Garvin. “228 Thompson is a great opportunity for investors to acquire a newly renovated, turnkey mixed-use building with strong in-place cash flow and a world-class location; 51 West 11th is a five-story townhouse conversion located in the heart of Greenwich Village, and 41 Seventh Avenue South is a unique 3-story retail condo in a highly visible location in the West Village."   

51 West 11th St. is a five-story, 8,600 s/f townhouse being converted by current ownership into a luxury rental with approved plans for the construction of 14 apartments. The apartments will consist of a mix of studio, one-bedroom and two-bedroom apartments. The property is vacant and will offer a future investor the opportunity to influence the final design.

228 Thompson St. is a recently renovated, five-story mixed-used building comprised of ground floor retail space and four large apartments above. Each apartment contains luxury finishes including stainless steel appliances, Bosch washers and dryers and individual HVAC systems. The two ground floor units offer private outdoor spaces and a large mechanized skylight above the living room in the top floor unit. The building features tall ceiling heights, ample front and rear light and a roof deck overlooking the surrounding cityscape.

The two retail condominium units, CU1 & CU2, at 41 Seventh Ave. South will be sold together and are located at the base of the Luminary, a new construction, luxury building in the West Village. Units consist of three floors, the sub-cellar, cellar and ground floors, and have permitted uses of commercial/retail and community facilities. While the space is currently occupied by Beauty Beauty International Group, the units will be delivered vacant. The space also benefits from a 421A tax abatement expiring in 2034.

All properties are conveniently located in the heart of Greenwich Village, just minutes away from NYU’s main campus and Washington Square Park. The area offers an abundance of dining, retail and entertainment options. The properties are easily accessible via multiple nearby MTA transportation options.

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