Schechtman, Lieberman and Kassin of Eastern Consolidated secure $35.6 million sale

Eastern Consolidated, one of the leading investment sales brokerage firms, has arranged the sale of 161-165 West 17th St., also known as 119 Seventh Ave., for $35.6 million. The fully occupied six-story, mixed-use property with 55 rent stabilized apartments and ground-floor retail space has been owned by the Spector family and partners for 47 years. Edging out other interested parties, the buyer purchased the corner property for a sale price at 22.5 times the rent roll, demonstrating the strength of the thriving Chelsea market. Eastern Consolidated executive managing director David Schechtman and associate Abie Kassin exclusively represented the seller. Eastern Consolidated senior director Lipa Lieberman procured the buyer. "This well-maintained, fully occupied property is a rare find in the hot Chelsea market, particularly a corner location with this much frontage and a well-known restaurant on the ground floor," said Schechtman. "Clearly the buyer sees the tremendous upside potential and opportunity to transition the rent stabilized units over time, as well as the value of this type of property in such a prime neighborhood. The Chelsea market will continue to thrive in the coming years with so much activity and new development." The attorney for the seller was Rothkrug, Rothkrug and Spector, LLP. The attorney for the buyer was Alexander Seligson, at Seligson, Rothman and Rothman.