John P. McCarthy Of HUBB NYC Acquires Multifamily Portfolio In Chelsea For $46.5M

The transaction involves a three-building multifamily and mixed-use portfolio located at 237 9th Avenue, 297 9th Avenue, and 118-120 West 23rd Street in the Chelsea market of Manhattan. The assets encompass a total square footage of 58,049 and were acquired for a total price of $46,500,000, resulting in a price per square foot of approximately $801.

Summary of transaction details:

• Property Type: MultiFamily & Mixed-use
• Transaction Amount: $46,500,000
• Address: 237 9th Avenue, 297 9th Avenue & 118-120 West 23 Street
• Market: Chelsea, Manhattan
• Buyer: John P. McCarthy - HUBB NYC
• Seller: Wes Powell - AIMCO
• Square Feet: 58,049
• Price per Square Foot: $801

John P. McCarthy, representing HUBB NYC, was the buyer in this transaction, acquiring the properties from Wes Powell, who represented AIMCO as the seller. The deal reflects McCarthy's strategic investment in the Chelsea area, focusing on the multi-family and mixed-use segments. The collaboration between these two parties highlights their engagement in the Manhattan real estate market.