West Village garage sells for $26M, $19M below last ask

The anonymous entity 332 W 11 Holding LLC paid Jack Jakub’s ENHS New York, LLC $26 million for 332 West 11th Street in the West Village. The deal closed on December 21, 2020 and was recorded on December 31, 2020. The transaction consists of 1 parcel, including the tax class garage with two or more stories (G1). The property is 24,840 square feet.
The average sale price per square foot is $1,047.
The parcel was marketed as a residential conversion, with the last asking price of $45 million, when it was reported in contract. The contract date was October 23, 2020

The property was reported to be listed for $49.5 million in early 2019.

Despite the marketing plan, it is unclear if the property will be redeveloped as a residential building. A source familiar with the transaction said, “The building is a parking garage right now and will be a parking garage for the foreseeable future.”

Simultaneously with the sale, the buyer acquired a purchase and construction loan for the building valued at $32.2 million, more than $6 million above the purchase price. The signatory for the buyer was Thomas Walker.

Included in the loan documents is an indication that the property will be not be residential and instead be used as a commercial structure. The commercial use was indicated when the borrower affirmed that the property would not be improved with a one- or two-family home or a multifamily building.

Direct link to Acris document. link

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