The Sabet Group Acquires Multifamily Property In Chelsea For $3.4M

The Sabet Group, led by Leor Sabet, has acquired a multifamily property located at 312 West 21st Street in Chelsea. The property is a 25-foot-wide, approximately 9,000 square foot, five-story walk-up apartment building. It consists of 10 two-bedroom apartments. The sale price for this transaction was $3,400,000, resulting in a price per unit of $340,000. The property has a total area of 8,930 square feet, translating to a price per square foot of $381.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,400,000
• Units: 10
• Price per Unit: $340,000
• Square Footage: 8,930
• Price per Square Foot: $381

The seller of the property was Metro Management. The deal was facilitated by brokers from Cushman & Wakefield, including Rob Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, and Austin Fabel. The Cushman & Wakefield team adopted a dynamic strategy to maximize value throughout the marketing process. They offered the property both as part of a larger portfolio and on an individual basis, attracting significant interest. Over 550 confidentiality agreements were signed, with 100 property inspections conducted and more than 70 offers received.

As part of the larger Metro Portfolio, which encompasses 13 residential and mixed-use properties in three core Manhattan neighborhoods, the sale of 312 West 21st Street marks the first transaction. The entire portfolio was listed for a combined asking price of $74,250,000.