JLL Arranges $7M Sale of NYC Community

Managing Director Brock Emmetsberger, along with Directors Ryan Kossoy and Reed Waggoner represented the seller.
222 W. 16th St. Image via Google Street View

JLL Capital Markets has completed the $7.2 million sale of a 14-unit property in New York’s Chelsea neighborhood. Managing Director Brock Emmetsberger, along with Directors Ryan Kossoy and Reed Waggoner represented the seller. Kingstone Realty New York President Steve Kim assisted the buyer, a foreign investor. 

Located at 222 W. 16th St., the property consists of a main, four-story building with eight units and a rear house with six units. The buildings encompass 6,550 square feet. Thirteen apartments are free-market, while one unit is rent-stabilized and was delivered vacant.

The site includes approximately 3,774 square feet of air rights, which allow for the development of up to 10,300 square feet. The community is 1 mile from Times Square and is surrounded by several public transportation options, including 1, 2, 3, A, C and E subway lines, as well as the 14th Street PATH transit stop. The asset is within 8 miles of LaGuardia Airport.

Earlier this month, another JLL team arranged the sale of Modera Davis, a 204-unit community in Portland, Ore. A Mill Creek Residential Trust joint venture sold the asset.

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