$10,950,000
Updated 9 years ago
Off Market

257 West 12th Street

West Village, Manhattan | Greenwich Ave & West 4th Street

8,100 Square FeetIncome Property

$10,950,000
floors / apts5 / 11
Lot Size25'x70'
Built Size25'x59'
ZoneR6
Building TypeLow-Rise
RE Taxes$117,560
Price Per SF
$1,352

Building Amenities

  • Voice Intercom

Property Description for 257 West 12th Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $59 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are two-bedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village.

Listing History for 257 West 12th Street

Now
07/24/2017
POM by James P. Nelson
Cushman & Wakefield
06/02/2017
$10,950,000
Initial Price by James P. Nelson
Cushman & Wakefield

Building Details for 257 West 12th Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1901
Floors/Apts5/11
Learn More About the Building

Transit and Citi Bike

Subway

14 St
0.14 miles
8 Av
0.14 miles
14 St
0.23 miles
Christopher St-Stonewall
0.3 miles
6 Av
0.32 miles

Citi Bike

Greenwich Ave & 8 Ave
0.09 miles
W 12 St & Hudson St
0.14 miles

Contact Agents

Contact Agents

James Nelson
Cushman & Wakefield
David Shalom
Cushman & Wakefield

West Village | Manhattan

Quick Profile

Known for its high-end shopping on Bleecker Street, the elegant brownstones dating back to colonial times that have been depicted in films and television, the abundance of cafes, and its celebrity residents, the West Village neighborhood is what springs to mind when you think of the essence of New York City. This is a neighborhood where the pace of life is less hurried, and harried, than in other neighborhoods, exuding an understated elegance and naturally beautiful sophistication and charm. 

The West Village has something to offer everyone, whether your taste runs to designer goods and trend-setting restaurants, or you are happier browsing thrift stores and whiling away the hours in conversation with friends at a hole-in-the-wall coffee shop. There are public green spaces dotted throughout this neighborhood, where you can stop and commune with nature, or grab a bite to eat from a local deli or cafe and have a picnic. The Hudson River Park offers recreational opportunities and events for all ages.

There is a tradition of bohemian non-conformity attached to the West Village. Even the intimate, tree-lined, and sometimes cobblestoned, streets refuse to conform to the grid layout of the rest of Manhattan. Activism and social consciousness have always been hallmarks of this neighborhood. The neighborhood is diverse and accepting of all. You will find artistic venues and experimental theater, together with a broad spectrum of bars, including speakeasies, and restaurants featuring myriad cuisines.

The West Village is primarily residential, conspicuously lacking the high-rise office buildings that characterize other neighborhoods. This lends an air of quiet sophistication during the day. At night, the area becomes more lively, as residents frequent their favorite restaurants, theaters, cafes, and gastropubs. Housing consists of brownstones dating back to the 18th century, low-rise walk-ups, townhouses, artists lofts, and condos in renovated buildings. Newer high-rise residential buildings are cropping up along the Hudson River. Always popular with celebrities and artistic types, the West Village is now attracting families and young professionals in the tech and financial fields.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 69633TH