37 East 12th Street in Greenwich Village has officially closed for $26.6 million, easing the way for the luxury condominium conversion we wrote about last month.
The eight-story building, which measures about 25,878 square feet, sold in an all-cash transaction, according to Massey Knakal. The sale price translates to approximately $1,028 per square foot, which is record pricing in the area for a conversion property.
The structure had been occupied by an antique showroom, Kentshire Galleries, and has large open floor plates and high ceilings.
Massey Knakal’s Mitchell Levine and James Nelson handled the transaction. “The long-time owners of Kentshire Galleries wanted to take advantage of the rising prices for conversion properties in Greenwich/Central Village,” Levine said in a statement.
“Demand for the building was strong with more than a dozen of the top New York City developers competing for the property,” Levine added.
Plans filed on February 10th for a six- to eight-unit development were disapproved. The architect of record is Malcolm Kaye Architecture, and the developer is 37 E. 12th Street Condominiums, an LLC affiliated with Edward J. Minskoff Equities.
New luxury developments in the ‘hood include Delos Living’s 66 East 11th Street, DHA Capital’s 12 East 13th Street and Rigby Asset Management’s 17 East 12th Street, all former parking garages. Other recent conversion sales nearby are 110 University Place (currently home to Bowlmor Lanes) and billiard ball beauty/BuzzBuzzHome obsession 809 Broadway. We toured some of the sites here, so go look already.