A five-story, mixed-use building with a upmarket address, 10 Fifth Ave., has been purchased for $9.5 million—17% below the asking price—by Benchmark Real Estate Group. The seller on the deal that closed at the end of March, had sought $11.5 million.

“The buyers valued the property at $10.5 million, so they were pleased to get the property at less than the estimated value,” said Inbal Himelblau of Eastern Consolidated, who represented Benchmark Real Estate in the transaction.

The building, located in the heart of Greenwich Village at the corner of West Eighth Street, has 14 rental units, all of which are occupied, plus three retail units. Benchmark Real Estate, a New York real estate investment firm focused on residential properties, will start renovating the apartments at the beginning of May. Renovations will include new stainless steel appliances, granite kitchen counter tops, new hardwood floors and marble bathrooms. The lobby will also be restored with marble floors.

The retail space is currently occupied by AT&T and by Le Pain Quotidien, both of which have long-term leases. The third retail unit is vacant.

The seller, a locally-based Italian family whose name was undisclosed, was represented by Nancy Tran and Aliza Avital, also of Eastern Consolidated.

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