The sale included the two-story building and an adjacent lot. (Mike Platania photo)
After taking an ownership stake in a prominent Arts District building a few years ago, a New York investment firm has added to its holdings in the neighborhood.
Mercer Street Partners recently purchased the two-story, 2,500-square-foot office building and its 0.2-acre lot at 316 W. Broad St. for $895,000.
The vacant, 113-year-old property is across the street from 305 W. Broad St., a four-story building that in recent years was renovated to house Common House social club and Birdie’s restaurant. Mercer Street managing partner Joe LeVine said his firm bought into the Common House property ahead of its opening in 2019, and that they still own it with the Ukrop family.
Based in New York City and privately held, Mercer Street arrived in Richmond in 2017 with a Northside apartment deal and has stayed busy in the area ever since. The firm’s bought into Petersburg as well as the Church Hill and Scott’s Addition areas. The majority of the firm’s holdings are along the East Coast, ranging from apartments in Florida to office space in Syracuse, New York.
Joe LeVine
While the bulk of Mercer Street’s local deals have been for apartments, LeVine said they don’t have any immediate plans to bring a multifamily use to 316 W. Broad St. For now, he said they’re planning to renovate and lease it out to an office user. The building until recently had been home to worker’s compensation consulting firm Managed Care Innovations.
“For us, it was just a nice building and it was something that joins in with our other investments (in the area),” LeVine said. “It’s in great shape. It’s got beautiful crown moldings along the walls and high ceilings.”
The firm is hoping to potentially find a tenant for the property from within Common House, where LeVine said they have strong demand for office space.
“If we could have more offices for people who want to work at (Common House), we would. Maybe this building is the next best thing for people looking for smaller, more flexible office space,” LeVine said.
Mercer Street’s purchase closed Sept. 1. The property was most recently assessed at $865,000. City records show the seller was an entity tied to Robert Cone, which had bought it in 2003 for $377,000.
Should Mercer Street choose to pursue a multifamily redevelopment of the site, it’s already received an initial thumbs-up from the city. In August, Mercer Street applied for and received a zoning confirmation letter for up to 50 units on the site, something LeVine said they did just to know what their options are going forward.
He said Mercer Street continues to be bullish on both the Jackson and Monroe Ward areas.
“We like the neighborhood and I think there’s a lot of growth opportunities here,” LeVine said. “There’s a great culture and people have a great entrepreneurial spirit in this neighborhood. We want to be a bigger part of that.”
Bank Street Advisors, a local firm that also helped develop Common House as well as the nearby Quirk Hotel, has also made plays in the area recently. It’s planning an 8-story mixed-use building nearby at 219 W. Broad St. and last fall spent nearly $7 million on buildings and lots in the neighborhood.
The sale included the two-story building and an adjacent lot. (Mike Platania photo)
After taking an ownership stake in a prominent Arts District building a few years ago, a New York investment firm has added to its holdings in the neighborhood.
Mercer Street Partners recently purchased the two-story, 2,500-square-foot office building and its 0.2-acre lot at 316 W. Broad St. for $895,000.
The vacant, 113-year-old property is across the street from 305 W. Broad St., a four-story building that in recent years was renovated to house Common House social club and Birdie’s restaurant. Mercer Street managing partner Joe LeVine said his firm bought into the Common House property ahead of its opening in 2019, and that they still own it with the Ukrop family.
Based in New York City and privately held, Mercer Street arrived in Richmond in 2017 with a Northside apartment deal and has stayed busy in the area ever since. The firm’s bought into Petersburg as well as the Church Hill and Scott’s Addition areas. The majority of the firm’s holdings are along the East Coast, ranging from apartments in Florida to office space in Syracuse, New York.
Joe LeVine
While the bulk of Mercer Street’s local deals have been for apartments, LeVine said they don’t have any immediate plans to bring a multifamily use to 316 W. Broad St. For now, he said they’re planning to renovate and lease it out to an office user. The building until recently had been home to worker’s compensation consulting firm Managed Care Innovations.
“For us, it was just a nice building and it was something that joins in with our other investments (in the area),” LeVine said. “It’s in great shape. It’s got beautiful crown moldings along the walls and high ceilings.”
The firm is hoping to potentially find a tenant for the property from within Common House, where LeVine said they have strong demand for office space.
“If we could have more offices for people who want to work at (Common House), we would. Maybe this building is the next best thing for people looking for smaller, more flexible office space,” LeVine said.
Mercer Street’s purchase closed Sept. 1. The property was most recently assessed at $865,000. City records show the seller was an entity tied to Robert Cone, which had bought it in 2003 for $377,000.
Should Mercer Street choose to pursue a multifamily redevelopment of the site, it’s already received an initial thumbs-up from the city. In August, Mercer Street applied for and received a zoning confirmation letter for up to 50 units on the site, something LeVine said they did just to know what their options are going forward.
He said Mercer Street continues to be bullish on both the Jackson and Monroe Ward areas.
“We like the neighborhood and I think there’s a lot of growth opportunities here,” LeVine said. “There’s a great culture and people have a great entrepreneurial spirit in this neighborhood. We want to be a bigger part of that.”
Bank Street Advisors, a local firm that also helped develop Common House as well as the nearby Quirk Hotel, has also made plays in the area recently. It’s planning an 8-story mixed-use building nearby at 219 W. Broad St. and last fall spent nearly $7 million on buildings and lots in the neighborhood.