Chelsea Apartments Sell for $15.9 Million

By Dees Stribling, Contributing Editor

New York—Two mixed-use buildings on the west side of Eighth Avenue between West 20th and 21st Streets in Manhattan have traded hands for $15.9 million. The seller was locally based Francmen 205 LLC, while the buyer was an unnamed multifamily development company from the Southwestern United States.

Together the buildings total 21,800 square feet, which breaks down to about 8,800 square feet of residential and over 2,000 square feet of retail each. Twelve of the 23 apartments are renovated and command market rents. Of the remaining 11 units, nine are rent-stabilized and two are rent-controlled.

Currently one of the retail spaces is leased to GNC, the vitamin and supplement store, with seven years remaining on its lease. The second store is occupied on a month-to-month basis.

The properties are in the Chelsea neighborhood, not from the High Line, which has inspired real estate development since its opening in the 2000s. The High Line is a former elevated freight rail line transformed into a public park on Manhattan’s West Side, running from Gansevoort Street in the Meatpacking District up to 30th St. and through Chelsea.

Eastern Consolidated senior director Deborah L. Gutoff, along with senior financial analyst Paul N. Nigido represented the seller in the deal. Eastern’s director Gabriel Saffioti represented the buyer. Gutoff called the properties “magnets for investors” as soon as they were put on the market.