Marcus & Millichap : Sells Multifamily Property in Chelsea for $8.1M

NEW YORK, April 9, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10-unit multifamily property in New York, for $8,100,000.

"This asset was highly sought after given its ideal location, protected tax class, and immaculate renovations," said Joe Koicim. "West 16th Street's profile, coupled with our marketing process, achieved a sales price per square foot of $1,580, the highest price per square foot for a Chelsea multifamily property in the last 24 months."

Koicim, Zan Colin, and Logan Markley, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of Centennial Properties, and procured the buyer, TARGO Capital Partners.

Built in 1905, the five-story multifamily property at 321 W 16th St. in Manhattan's Chelsea neighborhood spans 5,125 square feet. It consists of ten units, including one-, two-, and three-bedroom apartments. Nearby subway lines, including the A, C, E, and L, provide convenient transportation options. Additionally, Chelsea Market and the High Line are within walking distance.