Chelsea Sees Its First Multifamily Deal of 2020
JLL Capital Markets completed the $7.2-million sale of 222 W. 16th St., a 14-unit multifamily property in Chelsea. The contract of sale was originally signed in February and closed earlier this month despite the outbreak of COVID-19.
The JLL team representing the seller included Brock Emmetsberger, Ryan Kossoy and Reed Waggoner. Steve Kim, president, with Kingstone Realty New York, advised the overseas buyer.
The property is reportedly the first Chelsea multifamily building to sell in 2020.
“222 W. 16th St.’s prime location and development potential provided the buyer with an ideal investment,” Emmetsberger said. “We had multiple bidders, creating leverage for our client while maximize pricing, and were thrilled that closing concluded in May without any changes in pricing or terms.”
The property consists of a four-story main building with eight units and a rear carriage house with six units. The site comes with approximately 3,774 square feet of air rights.
Photo: GK tramrunner229/Wikipedia.
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