Mansour Tabibnia and Barry Farchi of Azad Property closed on a multifamily building on 338 West 17th St. in Chelsea for $6 million. The duo represented both the buyer and the seller.
This building spans five walk-up floors with 18 apartments, with a total of 8,575 s/f. The private buyers paid 13X the rent roll at $700 per s/f.
Tabibnia who represented the sellers said, "The sellers owned the building for over 10 years and were able to get asking price on this building."
"The buyers have a good presence in the area and were aiming to add units to their portfolio and this was a perfect fit for them," said Farchi.
This marks the second deal in past three months for Azad in the downtown area. Tags: