Marcus & Millichap completes $10.25m sale of 19 West 8th Street; arranged by Von Der Ahe, Koicim, Lloyd, Lefkovits and Tayar

Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the United States and Canada, arranged the sale of 19 West 8th St., a 8,831 s/f, five-story mixed-use building, located in the Greenwich Village neighborhood. The $10.25 million sale price equates to $1,160 per s/f. The seller is actively looking for a replacement asset. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar, all in Marcus & Millichap's Manhattan office, represented the seller, JMC Holdings, and the buyer, a private investor. "The building was bought by JMC in 2011 for $4.925 million," said Von Der Ahe. "We were able to sell the building at over double the price they paid in 2011, which equates to roughly $1,160 per s/f." "Aside from the rent-stabilized units, the entire building has undergone extensive renovations," said Lloyd. Built in 1920, the property at 19 West 8th St. consists of one retail unit and eight residential units. It underwent a high-end renovation including six apartments units, the stairwell, roofs, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. In addition, there are three units that feature terraces, as well as two penthouse units that contain 16-foot ceilings and skylights. "We had significant interest in the property, and within one month of marketing the building we found the right all-cash buyer, who was able to execute a contract and close one week later," said Koicim. "We are now in the midst of helping JMC find a replacement asset to effectuate a 1031 exchange." The property is located in the heart of Greenwich Village near Washington Square Park, just steps from New York University and New York University School of Law.