The 2,295-square-foot retail condo unit at 82 University Place, a new 7-unit residential condominium project, between 10th and 11th Streets in Greenwich Village has been sold for $1.5 million, according to an article today by Amy Tennery at therealdeal.com.

The space was sold by Michael Diliberto, the developer of the building and the former owner of the Cedar Tavern restaurant and bar that formerly was on the site.

The Cedar Tavern gained celebrity status as one of the favorite haunts of many leading American artists such as Jackson Pollock and Willem de Kooning when it was located two blocks south on University Place between 8th and 9th Streets.

The sale came under major duress from lender Flushing Savings Bank, according to Kevin Salmon, a partner at the investment sales company Salmon & Marshall, which brokered both sides of the transaction, the article said.

After almost five months on the market, the article said that the unit sold to property owner Ascot Properties for $1 million less than its original asking price, Mr. Salmon said.

Matthew Marshall, a partner with the firm who also helped broker the transaction, added that the seller was "under extreme pressure from the lender and needed to sell immediately," the article said, adding that Mr. Diliberto had originally planned to incorporate Cedar Tavern into his condo development, but shut down operations at the noted water hole in late 2006.

At the time, the article continued, he had said that while Cedar Tavern "means something to me, it doesn't mean something to the next generation."

All the residential units but one, the penthouse which is currently being marketed for $3.2 million by Brown Harris Stevens, have sold, the article said.