An elevator apartment building at 118-122 West 23rd Street aka The Milan, located between Avenue of the Americas and Seventh Avenue, was sold in an all-cash transaction valued at $39,250,000 or approximately $750 per square foot.
The modern, 15-story elevator building was constructed in 1988 and contains 42 apartments and ground floor retail. With a mixture of three, two, and one-bedroom units, the apartments had recently undergone extensive renovations featuring condo-level finishes. Each unit has its own outdoor terrace, high ceilings, and floor-to-ceiling windows. Nine apartments have working fireplaces. Capital One Bank is the primary retail tenant, occupying most of the 5,904 square foot ground floor and the entire 4,535 square foot lower level.
“This sale is a powerful testament to the current strength of the Chelsea/Flatiron rental market”, said Massey Knakal Senior Vice President Paul Smadbeck, who exclusively handled this assignment along with Director of Sales Brock Emmetsberger and Partner James Nelson. “It was significant that the winning bidder on this trophy property was not a converter, but a sophisticated operator of luxury rental housing who intends to keep it as a rental and produce additional value through expert management, higher level amenities, and new upgrades,” added Smadbeck.
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Neighborhoods: Chelsea