BlackSpruce Snags $94M in Chelsea Portfolio Sale

Marcus & Millichap finalized the sale of The Chelsea Collection, a 13-property multifamily portfolio of 147 units in Manhattan’s Chelsea neighborhood. The portfolio traded for $94.5 million, representing one of the most notable multifamily sales in Chelsea in 2024.

“Portfolios of this nature rarely trade in New York, and this was the fourth portfolio transaction we closed in the past 12 months with assumable financing,” said Joe Koicim, based in Marcus & Millichap’s Manhattan office. “The Chelsea Collection is comprised of quality multifamily assets located in one of the top residential submarkets in the city that traded for just under $1,000 per square foot. The portfolio’s unique combination of location, quality, and future upside made it an attractive asset for investors looking to capitalize on New York’s market rebound.”

Koicim, Logan Markley, Chris Dintrone and Kory Barbanel all with the NYM Group at Marcus & Millichap, represented the seller, Josh Gotlib’s BlackSpruce Management, and procured the out-of-town buyer. Located on the west side of Chelsea between West 19th and West 29th streets, the buildings in the 98,000-square-foot portfolio are all within a short distance of one another.