Eighth Ave MXU Sells to Partnership After 14-Year Hold
A Cushman & Wakefield team of Brock Emmetsberger, Billy Simons and Rachel Aschendorf has arranged the sale of 151 Eighth Ave., a five-story mixed-use building in Manhattan’s Chelsea neighborhood. A partnership of Stone Street Properties LLC and Greenwich Village Capital LLC paid $18.35 million for the property. The seller, who was not disclosed, bought it for $7.15 million in 2004.
“With tech firms’ ever-expanding presence in Chelsea, the neighborhood, and 151 Eighth in particular, are positioned to see an increased demand for residences and services,” said Emmetsberger. “We expect property values in the surrounding area to remain strong.”
The 15,260-square-foot, mixed-use apartment building contains 16 residential units, two retail units and one cell tower. Of the 16 apartments, 11 are free-market, four are rent-stabilized and one is rent-controlled.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).
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