A large commercial parcel in the heart of Manhattan\u2019s West Village has changed hands for $41 million.\u00a0<\/p>\n
The retail property at 403 Avenue of the Americas was acquired in cash by John Usdan\u2019s Midwood Investment & Development<\/a>, according to city records<\/a> made public Friday. The one-story retail buildings sit at the corner of Greenwich Avenue, running toward Christopher Street. The property also includes adjacent 405 Avenue of the Americas and 1 Greenwich Avenue.<\/p>\n SEE ALSO: Paul Singer\u2019s Elliott Management Buys Coconut Grove Hotel for $110M: Updated<\/a><\/p>\n The family-owned Midwood purchased the collection of storefronts from longtime owner Millsmith<\/a>, a limited liability company with family ties to real estate firm Samco Properties<\/a>.\u00a0 Joshua Smith, a partner at Milsmith Real Estate Advisory Services<\/a> and general counsel at Samco, signed the deed for the seller, records show.<\/p>\n Current retail tenants at the West Village property two blocks northwest of Washington Square Park include Italian restaurant Olio E Pi\u00f9, florist Casey\u2019s Flower Studio, fast-food chain Chipotle Mexican Grill and optometrist Cohen\u2019s Fashion Optical.\u00a0<\/p>\n It is unclear whether Midwood or Millsmith worked with an outside brokerage in the transaction.\u00a0<\/p>\n Millsmith, through the entity 405 Sixth, acquired the commercial plot in 2007.\u00a0<\/p>\n Midwood\u2019s new acquisition was split between two entities holding the title as tenants-in-common. One Greenwich Retail ECU<\/a>, with a 51 percent stake, was signed for by Usdan, while Snapdragon Owner<\/a> was co-signed by managers Claus Zellner, Jonathan Spice and Philip Dean.<\/p>\n The family-owned Midwood operates a national portfolio of development, office, retail and residential properties across several U.S. markets. The retail acquisition adds to their West Village footprint, which includes the 159-unit Candela Tower at 56 Seventh Avenue, acquired from BlackRock for $102 million<\/a> in 2022. The firm more recently landed a $200 million construction loan<\/a> for a 21-story, 276-unit multifamily project at 200 Douglass Street in Brooklyn\u2019s Gowanus neighborhood.<\/p>\n A spokesperson for Midwood did not immediately respond to requests for comment. Smith declined to comment.<\/p>\n