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New York & Tri-State  + Downtown New York  + Apartments  | 

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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