Read the Full Article on Traded - Click Here
BKREA successfully arranged the $16.5 million sale of 36 East 12th Street, a seven-story commercial property in Greenwich Village, Manhattan. The transaction highlights continued investor demand for well-located Manhattan properties offering existing income and significant office-to-residential conversion and redevelopment potential.
Located on East 12th Street between University Place and Broadway, the property sits on approximately 5,163 square feet of land with 50 feet of frontage. Its Greenwich Village location, flexible zoning, existing income, and long-term redevelopment potential made the property an attractive opportunity for investors seeking both current value and future upside.
The property sold for $16.5 million, reflecting continued investor interest in strategically located Manhattan commercial assets with repositioning and redevelopment potential. Traded reports the transaction at approximately $511 per square foot based on a 32,241-square-foot building.
36 East 12th Street is positioned between University Place and Broadway, in the heart of Greenwich Village and near Union Square and Washington Square Park.
The existing seven-story commercial building offers investors the opportunity to explore office-to-residential conversion and other repositioning strategies.
The property’s zoning supports residential, commercial, and community facility uses, giving the buyer flexibility to pursue different development and investment strategies.
The property offered existing income while maintaining long-term redevelopment potential, creating a combination of current cash flow and future upside.
The transaction demonstrates continued demand for properties in supply-constrained Manhattan neighborhoods where existing buildings can be repositioned to meet evolving market needs.
Bob Knakal, Faraz Cheema, Ryan Candel, and Brennan Lee of BKREA exclusively marketed the property and represented the seller throughout the transaction. BKREA also advised the sellers on structuring the transaction as a C-Corp share sale, creating additional retained earnings through tax savings.
The property combined several characteristics that are increasingly attractive to sophisticated Manhattan investors: a highly desirable Greenwich Village location, an existing commercial building, current income, flexible zoning, and the potential for residential conversion or redevelopment.
The transaction demonstrates how identifying multiple paths to future value can make an asset compelling even in a changing commercial real estate environment.
According to Faraz Cheema:
“This transaction reflects the continued demand for well-located Manhattan development opportunities, particularly in neighborhoods where future supply remains extremely limited.”
The property sold for $16.5 million. Traded reports the transaction at approximately $511 per square foot.
The property is located on East 12th Street between University Place and Broadway in Greenwich Village, Manhattan.
It is a seven-story commercial building with approximately 32,241 square feet and existing income, offering potential for conversion and redevelopment.
Its Greenwich Village location, existing income, flexible zoning, and office-to-residential conversion and redevelopment potential created multiple avenues for future value.
Bob Knakal, Faraz Cheema, Ryan Candel, and Brennan Lee of BKREA exclusively represented the seller.
The sale demonstrates continued investor demand for well-located Manhattan properties that combine existing income with flexible redevelopment and repositioning opportunities.
Get tailored industry and listing news, Map Room, and Bob Knakal's insights in your inbox!
Follow us on
