Massey Knakal has sold a walk-up building at 156 West 15th Street, located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood, in an all-cash transaction valued at $5,649,171 or $1,016 per square foot. This represents the highest price per square foot paid for a rent regulated building in Chelsea this year.
“Achieving a sale price well above the asking is a testament to the market and the lack of walk-up apartment buildings currently available in Chelsea,” said Massey Knakal’s Brock Emmetsberger, who exclusively handled the transaction with Andrew Essick and James Nelson. “Engaging the brokerage community to bring additional foreign buyers into the bidding process certainly helped maximize value,” Brock Emmetsberger added.
The five-story building contains approximately 5,560 square feet and sits on a 20’ x 103.25’ lot, with ten apartments and one ground floor retail unit. Floors two through five are configured as four one-bedroom units, five studio units, and one single room, with a mix of rent stabilized and free market units. The ground floor retail unit was delivered vacant. The property benefits from approximately 11 foot high ceilings on the parlor floor, exposed brick throughout, some original detail, and additional air rights. The sale price equates to approximately a 3.5% capitalization rate or 17.9 times the gross rent.
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Neighborhoods: Chelsea