Xinos Construction Corp. Acquires Multifamily Buildings In Midtown West For $11.55M

The recent sale in Midtown West involved the multifamily properties located at 320-326 & 329-333 West 55th Street. The properties are four-story walk-up buildings with a total of 63 rental units. Spanning a combined area of 27,552 square feet, the properties were acquired by Xinos Construction Corp. from Metro Management Development for a sale price of $11,550,000. This transaction represents the fourth sale within the Metro Portfolio, which consists of 13 residential and mixed-use properties across three Manhattan neighborhoods, with an overall asking price of $74,250,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,550,000
• Address: 320-326 & 329-333 West 55th Street
• Market: Midtown West

The deal was facilitated by a team from Cushman & Wakefield, including brokers Rob Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel, and Nicholas Kontos. These professionals utilized a dynamic strategy to maximize value throughout the marketing process. By offering the properties as a package and on a carefully curated tranche basis, they generated significant interest, resulting in over 550 signed confidentiality agreements, 100 property inspections, and more than 70 offers received. The successful execution of this strategy ensured optimal results for both the buyer and the seller involved in the transaction.

Note from Cushman & Wakefield: The properties at 320-326 & 329-333 West 55th Street were part of the Metro Portfolio, which attracted considerable attention due to its prime Manhattan locations and diverse property offerings. The Cushman & Wakefield team's specialized approach contributed to the portfolio's overall success in the market.