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Complex fetches $10m.

A 35-unit rental apartment complex on arguably the best street in historic Greenwich Village has sold through Eastern Consolidated for $9.9 million, eight times more than it sold for in 1994.

The six-story 65 Bank Street multifamily residence, located between West 4th and Bleecker Streets, is one among a group of buildings situated on the most exclusive, expensive, quiet and charming blocks in the Village.

Eastern Consolidated arranged the sale on behalf of both buyer and seller. Roberto F. Ortiz, director, acted for the seller, Carom Associates LLC, while Aliza Avital, Associate, represented the purchaser.

"Apartment buildings of this type in this location are, indeed, a rare find," said Mr. Ortiz. "My client achieved his asking price and fared exceedingly well given that he originally paid $1.25 million for the property in 1994." The property sold for approximately $400 per square foot.

"The buyer plans to renovate the rentals," said Ms. Avital, "and he has the option to convert the building to condominiums. Brownstones, coops and condos in this area command some of the highest values in Manhattan and the Village has a very special cache, especially since so many celebrities have residents there."

Built in 1910, 65 Bank Street is a walk-up offering 35 units, and one basement office. Nineteen of the apartments are free market, 13 are rent stabilized and only three are rent-controlled. Five apartments were delivered vacant.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 15, 2005
Words:233
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