UPDATE, 3:56 p.m., Sept. 26: One of the top executives at SJP Properties, the New Jersey-based developer of 11 Times Square and a portfolio of multi-family buildings, just snapped up an 11-unit townhouse in Greenwich Village for $19 million, property records show.
Senior Vice President Enrique Alonso and his wife, an SJP vice president and daughter of company founder Steven J. Pozycki, paid $19.2 million for the 1885 home at 138-140 West 11th Street, records filed today indicate.
Alonso could not be immediately reached for comment.
According to the listing with Matthew Pravda and Christopher Riccio of Leslie Garfield, the 45-foot-wide, five-story townhouse is set up as a 5,400-square-foot owner’s duplex with ten residential units: eight one-bedrooms and a pair of two-bedrooms.
Pravda said the building has two rent-stabilized tenants and the property is “in as bad a shape as you can imagine,” requiring a gut renovation.
“There’s bad water damage. There’s holes in the ceiling. It’s beyond amazing people even live there,” he said. “It was literally scary having to show the place.”
Despite the building’s condition, Pravda said there was a bidding war pushing the price up from the $17.995 million listing.
The property also boasts a 3,000-square-foot garden stretching 65 feet deep behind the building.
The building’s front door opens up to views of the Townhouses portion of Rudin Management’s block-sized development across the street, Greenwich Lane.
Across the river in New Jersey, SJP is currently leasing the first phase of the Modern, a pair of 450-unit rental towers in Fort Lee overlooking the George Washington Bridge.
Over the summer, the company moved a team of executives from New Jersey to 11 Times Square with a focus on getting deeper into the Manhattan and Brooklyn residential markets.
This post was updated to include Pravda’s comment.