Two Chelsea Multifamily Buildings Sold By Massey Knakal
Two adjacent multifamily buildings at 222-224 West 21st Street, located between Seventh and Eighth Avenuesin Manhattan’s Chelsea neighborhood, were sold in an all-cash transaction valued at $16,750,000.
The two buildings combine for approximately 20,120 square feet on a 46.75’ x 106.46’ lot with 23 residential units. Built in 1920, they offer over 46 feet of frontage along a beautiful tree-line street in the heart of Chelsea. The properties benefits from a unique unit mix, with three studios, six one-bedrooms, nine two-bedrooms, one three-bedroom, and four four-bedroom units. All units are free market and most have been recently renovated and feature large open kitchens and living spaces, as well as updated bathrooms and appliances. The sale price equates to approximately $833 per square foot.
“Achieving a multiple of 20 times rent for a property that is not subject to rent regulation is new for Chelsea. We’re seeing this pricing at a few other properties we are currently marketing in the neighborhood, and we’re sure we’ll see a few more sales at or above this pricing level for comparable properties by year’s end,” said Massey Knakal’sBrock Emmetsberger, who exclusively handled this transaction with CEO Paul J. Massey, Jr.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.