Douglaston Realty has sold 7 Cornelia Street in Manhattan's West Village for $25 million, according to mortgage documents filed with the city. The transaction marks an exit for the developer from one of New York's most coveted neighborhoods.
Hyun Jun An, a business partner of Eun Rae Jo (owner of the SoJo Spa Club in New Jersey), signed mortgage documents connected to the purchase. The exact nature of Jo's involvement in the deal remains unclear from available records.
The West Village property sits in a neighborhood where commercial and residential values have remained elevated despite broader market softness. 7 Cornelia Street's sale price reflects continued demand for trophy assets in the area, though specific details about the building's use, square footage, and condition were not disclosed.
For Douglaston Realty, the sale represents a strategic pullback from West Village holdings. The developer has been active in Manhattan acquisitions and development over recent years but appears to be repositioning its portfolio.
Buyers seeking West Village trophy properties face limited inventory at this price point. The $25 million transaction signals that serious capital continues flowing to prime Manhattan locations, even as higher interest rates constrain broader market activity. Landlords in the neighborhood benefit from the sustained pricing power these sales demonstrate.
The involvement of New Jersey-based operators in Manhattan real estate deals has grown as investors seek diversified holdings across the tristate region. An's participation suggests the buyer may be looking to expand beyond New Jersey holdings into the New York market.