The Real Deal New York

Leslie J. Garfield sells his Village townhouse for $7.7M

Buyer Red Brick Properties plans gut rehab, expansion

December 14, 2015 04:45PM
By Rich Bockmann

Leslie J. Garfield and 313 West 4th Street

Leslie J. Garfield and 313 West 4th Street

Dean of townhouses Leslie J. Garfield has found a buyer for his Greenwich Village gut rehab.

Queens-based developer Red Brick Properties paid $7.7 million to buy the 1836 Greek Revival townhouse at 313 West 4th Street that Garfield, founder of the eponymous residential brokerage, put on the market earlier this year with pre-approved plans for a renovation and expansion to 4,800 square feet.

The property hit the market in January with an asking price of $9.25 million, and most recently had an ask of $8.1 million. Red Brick paid just over $1,600 per buildable square foot for the gut rehab.

“We started aggressive, no question,” said Leslie J. Garfield broker Matt Lesser, who handled the sale. “Many buyers are willing to say they’ll do a gut renovation, but when you walk into a property that needs one, it can be a deterrent.”

Garfield, whose son Jed now runs the company, owned the building since 1969 though he never lived in it. In recent years he’s been selling off properties in his personal portfolio, including a Carnegie Hill townhouse that went this summer for $7.5 million.

“As you get older in life, you start to do some planning,” he previously told The Real Deal.

Red Brick Properties, based in Maspeth, has recently been buying up properties in Greenpoint including a trio of apartment buildings it picked up late last year for $24 million.