Lockhill Properties Acquires Multifamily Property On West 22nd Street In Chelsea For $8M

The closed transaction involves the sale of two adjacent 19-foot wide, 5-story walk-up apartment buildings located at 357 & 359 West 22nd Street in Chelsea, Manhattan. The properties, totaling 11,250 square feet, are situated on the north side of West 22nd Street between 8th and 9th Avenues. The multifamily buildings consist of 10 two-bedroom apartments and are part of the Metro Portfolio, which includes a total of 13 residential and mixed-use properties across three core Manhattan neighborhoods. The properties were sold by Metro Management Development to Lockhill Properties for a price of $8,000,000, with a per unit price of $800,000. The price per square foot was $711.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Address: 357 & 359 West 22nd Street
• Market: Chelsea
• Asset Type: Multifamily
• Tax Class: 2A
• Buyer: Lockhill Properties - Parke Leatherman
• Seller: Metro Management Development
• Brokers: Rob Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel, and Nicholas Kontos from CushWake
• Number of Units: 10
• Square Footage: 11,250
• Price per Unit: $800,000
• Price per Square Foot: $711

The Cushman & Wakefield team represented both the buyer and seller in this transaction. The team, consisting of brokers Rob Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel, and Nicholas Kontos, employed a dynamic strategy to maximize the value of the Metro Portfolio. The entire portfolio, with an asking price of $74,250,000, generated significant interest with over 550 signed confidentiality agreements, 100 property inspections, and more than 70 offers. By offering the properties as a package and on a carefully curated tranche basis, Cushman & Wakefield achieved optimal results for both parties involved.