Davean Holdings Acquires Multifamily Property In Chelsea For $6.75M

A multifamily property located at 209 West 20th Street in Chelsea has been sold for $6,750,000. The property spans 8,528 square feet, resulting in a price per square foot of $791. It consists of 12 units, with each unit being sold at an average price of $562,500. The sale was completed on June 30, 2021, and the property had a capitalization rate of 4.6%. The previous sale of the property took place in August 2016, with a price of $11,575,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,750,000
• Address: 209 West 20th Street, Chelsea
• Market: Chelsea
• Square Footage: 8,528 square feet
• Price per Square Foot: $791
• Number of Units: 12
• Price per Unit: $562,500
• Capitalization Rate: 4.6%
• Last Sale Price: $11,575,000 (8/2016)

The buyer of the property is Davean Holdings, represented by Sean Lefkovits, David Lloyd, and Lance Lefkovits. The sale was facilitated by brokers John J. Stewart, Joshua Bluestein, and Nicholas Biedron from arcusMillichap_NY. The property is an elevator building, and all 12 units are free market.