Two-building Mixed-Use Portfolio Listing in Chelsea

 

NEW YORK —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently listed a two-building mixed-use portfolio located at 206 West 21st Street & 228 West 18th Street, New York, NY. The asset is exclusively listed by Matthews™ Executive Vice President Brock Emmetsberger and Associate Jameson Hill.

 

Listed for $32,000,000, the portfolio features 71 units, including 69 residential apartments and two commercial, leased to restaurants White Maize & Sanyuu West. The institutional-quality walk-up buildings span 27,818 square feet with the vast majority of units being free market or receiving preferential rent. The pricing of the properties allow for a year-one yield approaching 6%.

 

Recent renovations across nearly all free-market units, and many of the rent regulated units, have reduced future capital requirements and improved operational efficiency. The buildings are managed under a unified strategy, supporting consistent performance and long-term income potential in a sought-after Manhattan submarket.

 

Chelsea offers a blend of historic and modern residential buildings alongside retail shops, art galleries, and restaurants. The neighborhood is home to landmarks such as the High Line and Chelsea Market and continues to be an active residential and commercial district.

 

“Pricing for the offering is 25% lower than what comparable properties sold for in 2016 on a price per square foot basis,” Emmetsberger said. “We also haven’t seen yields this high in the neighborhood since 2011, creating a rare opportunity to acquire scale with ample recap potential.”

 

The properties are also being offered individually – for specifics regarding the portfolio & individual pricing, please contact: Brock Emmetsberger and Jameson Hill.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.