Avison Young, as exclusive agent, is pleased to offer for sale 29 Fifth Avenue, an elevator building in the Greenwich Village neighborhood of Manhattan. The 14,884± gross square foot Property consists of 12 multi-family units, one super unit and two professional units on the east side of Fifth Avenue between Ninth and Tenth streets.
The Property, which has been under long-term ownership, will be offered fully-leased, with its two professional offices on the ground floor leased through 2021 and 2022. In addition, there is a super’s unit on the lower level. Eight free-market units and four rent-regulated units span the top six stories of this elevator building, which has natural light from three sides. All of the residential units are configured as two-bedrooms, and can easily be converted to three-bedroom units without compromising layout, providing a great value-add opportunity.
Located within the Greenwich Village Historic District, the Property also has 11,446± square feet of available air rights. The opportunity for an elevator building in this neighborhood does not come around often and this is the first time this building has been on the market in 70 years. 29 Fifth Avenue offers a potential investor the opportunity to acquire an irreplaceable asset in the quaint neighborhood of Greenwich Village. The Property’s proximity to Washington Square Park and Union Square, along with its accessibility to transportation, makes it one-of-a-kind.