Bane of Leslie J. Garfield represents seller in $8.995 million sale of 5,950 s/f multifamily

Leslie J. Garfield & Co., Inc. sold 17 Bank St., a five-story, 5,950 s/f, multifamily townhouse in original condition located between Greenwich Ave., and West 4th St. The lot dimensions are 22 ft. by 90 ft., and the building dimensions are 22 ft. by 54 ft. The property was built in 1821. The sale price was $8.995 million. Jill Bane of Leslie J. Garfield & Co. Inc. represented the seller. The attorney representing the seller was Jerold Gold of Cowan, DeBaets, Abrahams & Sheppard LLP, and the attorney representing the purchaser was David Lachtman of Platte Klarsfeld Levine & Lachtman, LLP. "We brought the property to market in December 2008. The asking price was $6.2 million. The intention was to sell it with four rent stabilized tenants and one rent controlled tenant. "The condition of the market and the tenancy made the sale tough though," said Bane. It was appealing to mainly investors that were aimed at buying out the tenants and putting it back on the market in order to turn a profit, but they weren't willing to pay up. In June 2009, the seller took a huge risk and decided to buy-out the tenants herself. The price was amended to $10.2 million. Ultimately, the house went to contract in August 2009. The contract price was $8.995 million. I wasn't surprised we sold it quickly once the tenancy changed. Anyone looking for a single-family home in the West Village knows that Bank St., between West 4th and Greenwich Ave. is the best block in The Village," said Bane."