The Real Deal New York

Former Manhattan Theatre Source home sells for $5.7 million

April 26, 2012 03:00PM
By Zachary Kussin

The Manhattan Theatre Source at 177 MacDougal Street

The West Village building that formerly housed the Manhattan Theatre Source, a non-profit arts organization that rented out space to emerging independent theatre production artists, has traded for $5.7 million, according to public records filed with the city Tuesday.

According to the deed, Daniel Birnant, a partner at Waverly Realty, sold the property, at 177 MacDougal Street between West 8th Street and MacDougal Alley, to an entity named Clinton Eight Realty, LLC. Jay Neveloff, a partner at Kramer Levin Naftalis & Frankel, who is the lawyer listed on the deed, confirmed that his client had purchased the property, but declined to reveal his or her identity. Neveloff noted that the space was vacant.

Massey Knakal Realty Services was the sole broker in the transaction, a company spokesperson told The Real Deal, and was part of the sale of two other buildings: 175 and 179 MacDougal Street. However, PropertyShark.com lists 175 as an alternate address for building number 177. According to a Massey Knakal press release dated April 22 provided to The Real Deal on the sale, the three sold for $11.4 million. Public records show 175-177 sold on April 16. James Nelson, a partner at Massey Knakal, handled the transaction, according to the release. He wasn’t immediately available for comment.

Birnant said he owned 177 MacDougal for over 30 years and decided to sell it because “it was getting old.” But, he remarked that the building remains in good condition. It wasn’t immediately clear who the owner of 179 was.

The building has 3,000 square feet of retail space and 13,672 square feet of residential space. According to PropertyShark.com, there are nine residential units in the building. Birnant said there currently are renters who live in those units. Regarding future plans for the site, both Birnant and Neveloff would only say that a retailer would fill the retail space.

As previously reported, the Manhattan Theatre Source shuttered its doors last fall due to high deficits.

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