Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Multifamily Townhouse In Chelsea

10/31/2014

A multifamily townhouse at 491 West 22nd Street, located between Ninth and Tenth Avenues in Manhattan’s Chelsea Historic District, was soldfor the first time in over 100 years in an all-cash transaction valued at $4,887,500.

Owned and occupied by the same family for six generations, the five-story Anglo-Italianate style townhouse contains approximately 4,150 square feet and sits on a 15’67’ x 98.75’ lot.  Built in 1856 and originally constructed as a row of eight identical homes, the property maintains its old world charm amid the dynamic West Chelsea neighborhood. The townhouse consists of two free market, three previously owner-occupied, and two rent stabilized units. A large duplex on the ground floor opens to an intimate, landscaped garden at the rear of the building. The third, fourth, and fifth floors each hold two studio apartments.  The sale price equates to approximately $1,178 per square foot.

This property is ideally positioned on one of Chelsea’s best blocks, just off the corner of Tenth Avenue, adjacent to the Empire Diner. It is across from Clement Clarke Moore Park and receives an abundance of natural light. It benefits from being less than 100 yards from The High Line as well as the great galleries of West Chelsea.

“The price per square foot represents a record in Chelsea, for a property with multiple rent regulated tenants,” said Massey Knakal’s Brock Emmetsberger, who exclusively handled this transaction.

www.masseyknakal.com

10/31/2014 - 11:07

Source

Cushman & Wakefield Capital Markets Group New York

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