Real estate brokerage Marcus & Millichap has arranged the sale of two apartment buildings in Chelsea for a combined $7.2 million, with both properties going to 1031 exchange buyers, The Commercial Observer has learned.
The buildings, at 368 8th Avenue and 311 West 29th Street, bring the private investors who purchased them an opportunity to realize significant upside through upgrades and renovations, brokers at Marcus & Millichap said.
Marcus & Millichap has arranged the sale of a five-story, 4,788-square-foot townhouse at 402 West 22nd Street in Chelsea for $3.5 million, The Commercial Observer has learned.
The property consists of a total eight units: six studio apartments, a single one-bedroom duplex, and a three-bedroom duplex on the ground floor.
The building is situated in the heart of West Chelsea, just off the corner of West 22nd Street and Ninth Avenue, one block from the Chelsea Highline, two blocks from the A-Line Subway, and a short walk from Chelsea Piers.