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Acquisitions

Carmine Limited buys 1 Christopher Street for $95M

(Credit: NYNesting)

Carmine Limited has acquired a multi-family building at 1 Christopher Street in the West Village from Jimmy Silber for $95 million, according to the Real Deal. The property spans 102,345 SF, and contains 131 rental units, plus ground-floor retail space. Only 16 of the apartments are subject to rent regulation.

  • Worth Noting: The buyer is a high-net worth family office out of Europe, the brokers told TRD. Jason Glick and David Parks of Glick Property advised Carmine Limited on the deal.
  • Metrics: Joe Koicim of Marcus & Millichap who represented the seller told TRD that the property traded at a 3.5% cap rate. Count us as being skeptical of that exact number in this environment, but we do acknowledge that such a property managed by long-term ownership offers strong future upside. Tricky time for such a value-add play as free market rents have decreased since the onset of the pandemic.
  • Long time owner: Silber’s grandfather built the 16-story building at the corner of Christopher Street and Greenwich Avenue in 1931. Glick Property Group Management, which manages Carmine’s other properties in New York, will oversee 1 Christopher Street. David Parks & [TRD]

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