After owning and managing two West Village multifamily buildings for the last 60-plus years, Julian Witing of J&I Management has sold the properties for $19 million, Commercial Observer has learned.
The sale of 240-242 West 10th Street to Mautner-Glick Corporation closed today, according to Venture Capital Properties ’ Itan Rahmani , who represented both sides in the deal along with Yoel Sarraf , Joseph Soufeh and Ryan Sabet .
“He owned it forever and this was the last of his family holdings in New York City,” Rahmani said.
The 25-foot-wide side-by-side buildings span a total of 21,450 square feet between Hudson Street and Seventh Avenue South. They include 44 units averaging 400 square feet, 28 of which are rent-regulated and the majority of which are two-bedrooms. Six of the apartments are vacant, of which two are market-rate.
In addition, the buildings comprise four 1,000-square-foot retail spaces, three of which are occupied by clothing store Madame Matovu , Vintage Thrift West and Green Touch Cleaners.
Mautner-Glick will gut renovate the apartments and redevelop the property, Rahmani said.
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