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Fifth Avenue Apartment Building Commands $12.5 Million

NEW YORK CITY—Marcus & Millichap Real Estate Investment Services has arranged the sale of 12 Fifth Ave., a 10-story, 33-unit elevator apartment building located between 8th and 9th streets in central Greenwich Village. The sales price of $12.5 million represents $378,788 per unit, $640 per sq. ft. and a capitalization rate of 3.29 percent.

John Stewart, a multifamily investment specialist in Marcus & Millichap’s Manhattan office, represented the seller, Mar-Mart Realty Co. Inc., and also represented the buyer, a New York City-based real estate investor.

Built in 1906 as a hotel and converted to apartments in the 1940s, 12 Fifth Ave. measures approximately 26 ft. by 98 ft. The 19,545-sq.-ft. building is on a 26 ft. by 100 ft. R10-zoned lot with a 10 FAR maximum. There are approximately 6,690 sq. ft. of additional air rights.

12 Fifth Ave contains 14 one-room/no-kitchen units, 12 two-room apartments, four three-room units and two four-room apartments. There are 17 free-market apartments, 12 rent- stabilized units, one rent-controlled apartment, one owner-occupied apartment and one super’s unit. There is also a dentist’s office on the ground floor and a rooftop Metro PCS antenna.

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