News: Brokerage

Stenson of Brax Realty exclusively handles $6.48 million Manhattan sale

Manhattan, NY Alan Stenson, senior director of locally-based investment sales brokerage firm Brax Realty has completed the sale of a 6,250 s/f mixed-use building in the Chelsea neighborhood. The property, 220 West 16th St., located between 7th and 8th Aves. sold for $6.48 million. 

Alan Stenson,
Brax Realty

Stenson exclusively represented the seller, a longtime family ownership and procured the buyer, a private investor who was in a 1031 exchange. This was the first time the property traded hands in over 35 years.

The property is a mixed-use building with eight apartments and one retail tenant. Out of the eight apartments, three were rent stabilized with the remaining five of free-market status. The property is tax class 2B and ownership had recently put in all new electric and a new gas boiler. The building sold for a 3.2% cap and $1,036 per s/f.  There are an additional 4,000 s/f of available air rights that could be utilized in the future.

Stenson said, “This was a great outcome for both parties. Given the new rent stabilization laws passed in June 2019, the sellers were delighted to get out of an over-regulated New York City real estate market and the buyer is pleased to secure a well maintained, core asset in the prime Chelsea neighborhood of Manhattan.”

 

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
The art of investing in real estate - by Thomas Donovan

The art of investing in real estate - by Thomas Donovan

Real estate investing is as much an art as it is a skill. No one can time the market, or the factors that drive it, perfectly. Location, zoning, size, transportation, and neighborhood density give you a baseline for