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NGKF Capital Markets has arranged the sale of 17 East 12th Street, a 48,583-square-foot development site, for $50,237,500, on behalf of the Brauser family. The parking garage off Fifth Avenue was sold to Peter Armstrong’s Rigby Real Estate Fund II, LP, in a highly competitive auction for one of Greenwich Village’s last remaining sites. The price equates to $1,034 per buildable square foot, breaking the current record of $750 per square foot for a pure residential development site set last year with the sale of 1108 Park Avenue.
“Sites of this size and zoning flexibility are unique in Greenwich Village,” said NGKF Capital Markets’ Justin DiMare. “The ability to deliver modern residences at this location drew wide interest.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.