Marcus & Millichap recently closed the sale of The Chelsea Collection, a portfolio of 13 multifamily properties totaling 147 units in Manhattan’s sought-after Chelsea neighborhood. The impressive transaction was valued at $94.5 million and stands out as one of the most significant multifamily sales in the area for 2024.
According to Joe Koicim, a member of Marcus & Millichap’s Manhattan office team, these types of portfolios rarely become available on the New York market. In fact, this is their fourth successful portfolio deal with assumable financing within just one year. Koicim also noted that The Chelsea Collection boasts high-quality assets situated in one of NYC’s top residential submarkets and sold for nearly $1,000 per square foot. This combination made it an attractive investment opportunity for buyers looking to take advantage of New York City’s rebounding market.
The NYM Group at Marcus & Millichap – consisting of Koicim along with Logan Markley, Chris Dintrone and Kory Barbanel – represented seller Josh Gotlib’s BlackSpruce Management while securing an out-of-town buyer for this prime real estate deal.
Located between West 19th and West 29th streets on Chelsea’s west side , all buildings within this impressive portfolio are conveniently located near each other spanning over approximately98 ,000 square feet .
