TARGO Capital Partners Acquires Multifamily Buildings In Chelsea For $13.75M

Two adjacent multifamily buildings located in the heart of Chelsea were recently sold in a closed transaction. The property, situated at 225-227 West 20th Street in New York City, is a multifamily asset comprising 33 units. The sale price for the property was $13,750,000, resulting in an average price per unit of approximately $416,667. The total square footage of the buildings is 16,709, with an average price per square foot of $823.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,750,000
• Units: 33
• Price Per Unit: $416,667
• Square Footage: 16,709
• Price Per Square Foot: $823
• Market: New York City

The buyer of the property is TARGO Capital Partners, represented by David Gleitman and Adam Basuljevic. The seller is Sam Frisch. The transaction was facilitated by broker Alexander Szikla, who is associated with Rockson Advisory. It is important to note that TARGO Capital Partners has a strong portfolio in Downtown Manhattan real estate, having acquired over $100 million worth of properties in the past two years.

TARGO Capital Partners plans to capitalize on the property's potential for value creation. With 27 out of the 33 units being unregulated and below market rents, there is an opportunity to enhance returns. The buildings were acquired off-market in an all-cash transaction, demonstrating the buyer's proactive approach to sourcing investment opportunities.

If you have a deal to share, TARGO Capital Partners encourages you to contact them at [email protected]. They are actively seeking new acquisitions to further expand their real estate portfolio.