July 9, 2019 Comments Off on Greenwich Village Multifamily Sells After 70-Year Hold Views: 518 Downtown New York, New York News

Greenwich Village Multifamily Sells After 70-Year Hold

Avison Young’s tri-state investment sales group has finalized the sale of 29 Fifth Ave., a seven-story, 14,884-square-foot multifamily property in Greenwich Village. The 100% leased property includes 12 rental apartments, one super unit and two ground-floor professional units, and sold for $16.5 million.

“This type of investment opportunity in Greenwich is rarely available, so it’s no surprise we were able to sell 29 Fifth for $1.5 million above the asking price,” said James Nelson of Avison Young.

Nelson and his colleagues Mitchell Levine, Brandon Polakoff and David Shalom, represented ownership, which had held the property for 70 years. Hildreth Real Estate Advisors’ David Shorenstein & Jason Breitstone represented the buyer.

All of the residential units can potentially be converted to three-bedrooms without compromising the layout. The property will be managed for the buyer by Canvas Property Group.

Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.

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