Morris Adjmi sells 2-family in West Village for $12.8M

The entity West 11th Trust paid $12.8 million to Morris Adjmi for the two-unit building (B3) at 233 West 11th Street in West Village, Manhattan.
The deal closed on March 4, 2025 and was recorded on March 6, 2025. The property has 3,360 square feet of built space and 680 square feet of additional air rights for a total buildable of 4,033 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,809 and the price per buildable square foot is $3,173 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Morris Adjmi was Morris Adjmi. The signatory for the buyer was Ira J. Gilbert. The contract date was December 24, 2024.

Prior sales and revenue

The seller Morris Adjmi purchased one property in one transaction for a total of $3.3 million and had not sold any properties over the same time period.

The property

The building with 2 residential units in West Village has 3,360 square feet of built space and 680 square feet of additional air rights for a total buildable of 4,033 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 97 feet deep with a total lot size of 1,660 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $10 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 16 commercial properties representing 161,450 square feet of the 173,301 square feet. The largest owner is BLDG Management, followed by Superior Management and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 173,301 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Morris Adjmi owned at least one commercial property with two residential units in New York City with 3,080 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B3 property. It is located in Brooklyn.

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