Marcus & Millichap Sells Multifamily Property on 16th Street in Chelsea Manhattan for $8.1M

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16th Street
The property was originally built in 1905 but has gone through extensive renovations in recent years to update the each unit to upscale, modern living standards.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 10-unit multifamily property located on 16th Street in the Chelsea neighborhood of Manhattan, New York for $8,100,000.

“This asset was highly sought after given its ideal location, protected tax class, and immaculate renovations,” said Joe Koicim. “West 16th Street’s profile, coupled with our marketing process, achieved a sales price per square foot of $1,580, the highest price per square foot for a Chelsea multifamily property in the last 24 months.”

Koicim, Zan Colin, and Logan Markley, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of Centennial Properties, and procured the buyer, TARGO Capital Partners.

The five-story multifamily property at 321 W 16th Street in Manhattan’s Chelsea neighborhood spans 5,125 square feet. It consists of ten units, including one-, two-, and three-bedroom apartments. Nearby subway lines, including the A, C, E, and L, provide convenient transportation options. Additionally, Chelsea Market and the High Line are within walking distance.

Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.