Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 34 8th Avenue, also known as 324-326 West 4th Street. A combination of three properties on one lot, these properties are being offered for the first time in over 50 years. Located on the east side of 8th Avenue between Jane and West 12th Streets, the properties are block through to West 4th Street, in Manhattan’s West Village neighborhood. Ownership is requesting proposals.
34 8th Avenue is a five-story, mixed-use elevator building with retail on the ground floor and 13 apartments above, two of which are studios, eight are one-bedrooms and three are two-bedrooms. Anfora, a stylish wine bar occupies the retail space through June of 2019. 324 West 4th Street is a four-story walk-up building that consists of four floor-through one-bedroom apartments. 326 West 4th Street is a recently renovated, two-story, owner-occupied townhouse configured as a one-bedroom two bathroom unit.
In total, this 45.5’ wide building offers 18 apartments and one retail space across approximately 13,490 square feet. The average in-place rent for the residential units is currently $64 psf, which is significantly below market for an elevator building in the West Village. This is an extremely rare opportunity to acquire an investment property with strong in-place income and significant long-term value in one of the best neighborhoods in Manhattan.
“Very rarely do we see elevator buildings of this caliber come to market in the West Village,” said Cushman & Wakefield’s James Nelson. “Given the uniqueness of all three properties, there is tons of opportunity for a wide range of buyers,” added David Shalom who is exclusively marketing this property on behalf of ownership.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com,www.cushmanwakefield.com or follow @CushWake on Twitter.
