The Tri-State Investment Sales Group for Avison Young is exclusively marketing the sale of two adjacent residential buildings located at 103 and 105 MacDougal Street in the bustling Greenwich Village neighborhood of Manhattan.
The two residential buildings encompass approximately 38,868±total square feet across 72 apartments of which 71% are free market,and include one ground floor restaurant space that can potentially be divided into separate units.
An Avison Young team comprised of Principal and Head of Tri-State Investment Sales James Nelson, Director Mitchell Levine, Senior Director Brandon Polokoff, Directors Gabrielle Simon and David Shalom, and Associate Alexandra Marolda has been engaged by the landlord to market the offering. The properties have been under long-term ownership for over 35 years.
“This kind of unique value-add investment with immediate upside in Manhattan’s Greenwich Village neighborhood is a rare find and with MacDougal Street being one of the most famous streets in the heart of the village, we believe we’ll see substantial interest as we begin our marketing campaign,” said Nelson. “In addition to its iconic block-through location, some of the apartments can be converted to larger units and the highly visible retail component enhances the value of the properties even further.”
The 33,903-square-foot residential portionspans floors two through seven of the properties and has 72 residential units.There are currently 35 residential units vacant, of which 27 are free market and 8 are rent stabilized. The apartments are configured as one- and two-bedrooms, with the potential to convert some of the one-bedroom units to two-bedrooms.
The 4,965 square feet of fully vented ground floor retail space offers 50 feet of frontage on MacDougal Street and 50 feet on Minetta Street. The properties are within walking distance of the many world-renowned Greenwich Village amenities and also in close proximity to NYU and Washington Square Park, along with accessibility to a variety of nearby transportation options.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, and multi-family and hospitality sectors.
