NGKF Capital Markets arranges 48,583 s/f development site sale

NGKF Capital Markets has arranged the sale of 17 East 12th St., a 48,583 s/f development site, for $50,237,500, on behalf of the Brauser family. The parking garage off Fifth Ave. was sold to Peter Armstrong's Rigby Real Estate Fund II, LP, in a highly competitive auction for one of Greenwich Village's last remaining sites. The price equates to $1,034 per buildable s/f, breaking the current record of $750 per s/f for a pure residential development site set last year with the sale of 1108 Park Ave. "Sites of this size and zoning flexibility are unique in Greenwich Village," said NGKF Justin DiMare. "The ability to deliver modern residences at this location drew wide interest."

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