Marcus & Millichap Arranges $5M Chelsea Sale
Al Barbarino March 6, 2014, 7:30 a.m.
Marcus & Millichap has arranged the $5 million sale of a 3,884-square-foot townhouse at 353 West 20th Street in Chelsea, Commercial Observer has learned.
It’s not every day that a 23-foot-wide property hits today’s hot Chelsea market, brokers handling the sale said, noting that the seller “meticulously managed” the property for two decades before deciding to cash in on their investment.
“Very rarely do townhouses with over 20 feet of width come to market in Chelsea, and when they do, we create a bidding war,” said Sean Lefkovits, who represented the seller, an undisclosed owner-occupier, along with Peter Von Der Ahe and Joe Koicim.
The property consists of five one-bedroom apartments and one two-bedroom apartment. Five of the units are free market and one is rent stabilized, leaving potential to create a single family home if the tenant decides to move out at some point. The garden floor and first floor are floor-through units and can be combined into an owner’s duplex, which features a private garden that stretches 32 feet back from the property.
“The toughest part about the sale was navigating around the one rent-stabilized tenant who was in the building. We generated over 30 offers and tours and were able to get the top bidder comfortable with the possibilities of a future single-family conversion as an ‘as-is’ deal,” Mr. Koicim said.
Chelsea has seen significant rental growth over the past five years and is now considered one of the strongest residential neighborhoods in Manhattan. Despite that growth and accompanying gentrification, the neighborhood has only scratched the surface of its true potential, the brokers said, noting that the success of the High Line, the 7 train subway extension and Hudson Yards as future boons.
The buyer refused to be identified.