A coveted West Village elevator apartment building has been sold for $11.5 million, or $762 psf.
JOHN STEWART
John Stewart, a senior associate in Marcus & Millichap’s Manhattan office, represented the seller, a local real estate family, and the buyer, a private investor.
Part of package known as the Mar-Mart Portfolio, the six-story apartment building at 205 West 10th Street is half a block from Bleecker Street’s high-end commercial corridor and one of the only elevator buildings to trade in the West Village in the last 12 months, according to Stewart.
“The West Village multifamily market is one of the safest and most desirable in the city where apartment buildings are rarely put on the market, rental demand far exceeds supply, the apartment vacancy rate is around one percent, and rents continue to rise as the economic recovery continues,” said the broker, who also recently sold a mixed-used property at 304 Bleecker Street.
“Buyers are willing to tolerate cap rates averaging around 3.45% for those reasons.”
The Mar-Mart portfolio consisted of 205 West 10th and 12 Fifth Avenue. Both buildings have now been sold. Mar-Mart is finalizing a 1031 Exchange into a portfolio of triple-net properties, which doubles their annual cash flow.
