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BKREA has announced the successful sale of 36 East 12th Street in Greenwich Village for $16.5 million. The transaction, which closed on July 1, 2026, involved a seven-story commercial building offering existing income and significant office-to-residential conversion and redevelopment potential in one of Manhattan’s most sought-after neighborhoods.
Located between University Place and Broadway, the property sits on approximately 5,163 square feet of land with 50 feet of frontage along East 12th Street. Flexible zoning allows for residential, commercial, or community facility development, providing the buyer with multiple potential strategies for future use and value creation.
The transaction was exclusively marketed by Bob Knakal, Faraz Cheema, Ryan Candel, and Brennan Lee of BKREA, who represented the seller throughout the sale process. BKREA also advised the sellers on structuring the transaction as a C-Corp share sale to provide additional retained earnings through tax savings.
The property sold for $16.5 million, demonstrating continued investor demand for well-located Manhattan commercial properties with repositioning and redevelopment potential.
The seven-story property is located on East 12th Street between University Place and Broadway, placing it in the heart of Greenwich Village with access to a highly established residential, commercial, and cultural neighborhood.
The property presented an attractive opportunity for an investor seeking to convert an existing commercial asset into residential use, reflecting continued interest in adaptive reuse opportunities across Manhattan.
The site’s zoning supports residential, commercial, and community facility development, giving the buyer flexibility to evaluate different redevelopment and investment strategies.
The combination of existing income and long-term redevelopment potential helped make the property attractive to investors seeking both current value and future upside.
BKREA used targeted marketing and its specialized seller-only representation platform to generate competitive interest and position the property for maximum value.
BKREA advised the sellers to pursue a C-Corp share sale structure, creating additional retained earnings through tax savings as part of the transaction strategy.
The sale of 36 East 12th Street demonstrates the continued demand for well-located Manhattan properties where existing commercial assets can be repositioned or converted. In supply-constrained neighborhoods such as Greenwich Village, properties offering flexible zoning, existing income, and future redevelopment potential can attract significant investor interest.
The transaction also illustrates how sophisticated seller representation extends beyond marketing a property. By combining valuation expertise, targeted buyer outreach, market intelligence, and transaction structuring, BKREA helped the sellers identify and execute a strategy designed to maximize value.
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."
36 East 12th Street sold for $16.5 million on July 1, 2026.
The property is located in Greenwich Village on East 12th Street between University Place and Broadway.
The property is a seven-story commercial building with existing income and potential for office-to-residential conversion.
Bob Knakal, Faraz Cheema, Ryan Candel, and Brennan Lee of BKREA exclusively marketed the property and represented the seller.
Its Greenwich Village location, existing income, flexible zoning, and long-term conversion and redevelopment potential made it an attractive investment opportunity.
BKREA advised the sellers to structure the transaction as a C-Corp share sale to receive additional retained earnings through tax savings.
The transaction demonstrates continued demand for well-located Manhattan assets with conversion and redevelopment potential, particularly in neighborhoods where future supply is limited.
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