Avison Young, on behalf of Page Management, facilitated the sale of three multifamily buildings in Manhattan to Sani Group for a total price of $50.5 million. The properties are located in the West Village and Chelsea neighborhoods and include 300 W. 12th St., 240 W. 15th St., and 5 Jones St.
The Tri-State Investment Sales team at Avison Young, led by principal James Nelson along with Brandon Polakoff, David Shalom, Ryan McGuirl, Alexandra Marolda and Ed Nelson from the firm’s Manhattan office represented both Sani Group and Page Management.
According to Nelson: “Manhattan’s multifamily market has experienced a significant increase in volume between Q1-Q2 of this year with transactions up by as much as 45%. There is strong demand for free-market buildings that offer potential for value enhancement.”
Here are the details on each property:
– Address: Jones Street – Sale Price: $7 million – Square Footage:10,500 sq ft – Units:12 (including two retail units)
– Address: West 12th Street – Sale Price:$26.5 million – Square Footage34 ,872 sq ft
– Units53
– AddressWest :15 thStreetSalePrice:$17millionSquareFootage23 ,112sqftUnits35(includingone retail unit)
This portfolio sale was reported by Connect CRE.
