Spirit Bascom Ventures, LLC, a partnership between Irvine, California based The Bascom Group, and Stamford, Connecticut based Spirit Investment Partners, has acquired 285 West 12th Street in the West Village for $9.35 million.
The group teamed up with a prominent Middle Eastern family office that is making its first investment in the United States.
James Nelson and Matt Nickerson of Cushman Wakefield represented the seller. Marc Schulder, Andy Feinberg, and David Harte of Ackman Ziff sourced a $5.175 million loan from Signature Bank.
The 32 ft. wide property contains 12 rental units and a 2,080 s/f ground floor retail space that is occupied by the famed Beatrice Inn restaurant, co-owned by Vanity Fair editor Graydon Carter.
The venture will commence a high-end renovation program to upgrade all of the apartment interiors.
Post renovation, the investors said, the property will be “better positioned to compete directly with the new Class A product in the marketplace.ˮ
For the past two years, Spirit Bascom has been focusing on acquiring suburban value add multifamily properties along the eastern seaboard, buying over $200 million in assets.
Spirit Bascom is starting to turn its attention to neglected mixed use assets in New York City that can benefit from similar high end renovations.
David Nachman, a principal of Spirit Investment Partners, explained, “We are excited to acquire a building on one of the most charming blocks in all of New York City and feel there is a compelling ability to unlock substantial value by implementing our renovation program.”
Scott Zwilling, principal of Spirit Investment Partners, added, “We have an experienced, well capitalized team in place to replicate this business model and add to our growing portfolio of assets in New York City.”