Capital Group’s Shallini Mehra, David Schechtman, and Amit Doshi closed on their exclusive at 137 West 14th St., a three-story mixed-use commercial elevator building in Greenwich Village between Sixth and Seventh Ave.’s. The 25 foot wide property situated on the north side of West 14th St. includes 6,981 s/f above grade, a 2,250 s/f cellar, and is configured with seven offices and one retail unit. The property sold for $4.3 million, which translates to $616 per s/f.
“The property had been under a long-term, 50 plus year ownership and is ready to be repositioned. With a flexible zoning of R8B/C6-2A, the new owners have multiple options and may convert the building into a residential property, or keep it as is,” said Mehra.
“137 West 14th St. offers many positives, some of which include its free-market status, central location and the opportunity for significant value-add. There were multiple bidders for this property, and the new investor used this purchase to satisfy a 1031 exchange requirement,” said Doshi.
The property is situated near Chelsea, Greenwich Village and Union Square near Pratt Institute, the Salvation Army Executive Headquarters, and the YMCA building. Additionally, the property is conveniently located near the Union Square subway station.
Schechtman represented the seller, 137 West 14th Street LLC, and Mehra and Doshi represented the purchaser, 123 1st By 94 LLC. Attorneys Robert Zimmerman and Nathan Nudelman of Goldfarb & Fleece LLP represented the seller, and Thomas E. Kass of Robinson Brog represented the purchaser.