Manhattan, NY According to the Manhates Group, 445 West 21st St., a 10-unit multifamily building consisting of 9,375 s/f sold on August 14th 2018. The property is located on a tree-lined block in the Chelsea neighborhood. This was the property’s first sale in over 114 years.
Michael Sherman of the Manhates Group represented the purchaser while Jim Houlihan, Michael Cuniberti and Christie Houlihan of Houlihan-Parnes Realtors represented the sellers. The purchase price was $9.35 million.
The property was purchased by ECA New York Real Estate Advisors.
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,