Manhattan, NY Andrew Natter and Hal Fuchs of Collaborative Group facilitated the $18.5 million sale of 428-432 West 19th St.
The property consists of two adjacent commercial buildings spanning 75 ft. on West 19th St. with 41,538 buildable s/f as of right. The buildings were originally used as a parking garage and subsequently an auto repair shop. The development site is in the Chelsea neighborhood between 9th and 10th Aves.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,