Lower Fifth Avenue rental trades for $12.5M

February 09, 2012 09:00AM

A rare elevator building in Greenwich Village at 12 Fifth Avenue has sold for $12.5 million, GlobeSt.com reported.

The 10-story, 33-unit building, between 8th and 9th streets, was owned by a family under the name Mar-Mart Realty Co. for more than 65 years, and has been bought by an LLC called United Fifth. Department of State records show the buyer is an affiliate of Harounian Enterprises. The purchase price was set at about $378,788 per unit or $640 per square-foot, for a capitalization rate of 3.29 percent, according to Marcus & Millichap, which represented both sides of the transaction.

The building contains 17 free-market, 12 rent-stabilized, one rent-controlled, one owner occupied and one super’s unit. The building also has about 6,690 square feet of air rights.

The new owners, who entered into contract less than three weeks after the listing hit the market, plan cosmetic upgrades to the interior of the building, according to John Stewart, the Marcus & Millichap multifamily specialist who represented both parties. [GlobeSt]