The Real Deal New York

Gatsby Enterprises nabs Village rental building for $25M

Joseph Mendler's family had owned property at 12 Perry St. since 1998
By Katherine Clarke | July 11, 2017 04:05PM

Nader Ohebshalom’s Gatsby Enterprises closed Monday on the $25 million purchase of A Greenwich Village Rental Building On Perry Street, the brokers told The Real Deal.

The six-story, 20,475-square-foot property at 12 Perry Street had been in the Mendler family since 1998, records show.

The seller, Major Associates LLC headed by investor Joseph Mendler, put the property on the market for $32.7 million in March but later dropped the price, according to the brokers involved in the transaction.

David Lloyd, Joe Koicim and Peter Von Der Ahe

“To achieve north of $1,200 per square foot, for an asset where significant capital will be invested in both the residential and retail portions speaks to the strong demand for value-add opportunities,” said Joe Koicim of Marcus & Millichap, who brokered the deal with colleagues Peter Von Der Ahe, David Lloyd and Noah Kossoff.

“We had 27-plus written offers which resulted in an incredibly competitive bid process” he said.

The 25-unit building, located between Perry and Charles streets, is comprised of 74 percent free-market units and has 96 feet of retail frontage, according to the offering documents.

Meanwhile, the multifamily market has been moving slowly over the past few months. Dollar and transaction volumes fell well below 2016 numbers in April, according to the most recent report by Ariel Property Advisors. There were just $100 million worth of multifamily deals in Manhattan in April, an 80 percent drop year-over-year.