Cushman & Wakefield announced today that the firm has arranged the sale of 151 Eighth Avenue, a 5-story mixed-use building in Manhattan’s Chelsea neighborhood, to a partnership between Stone Street Properties, LLC and Greenwich Village Capital, LLC. The final closing price was $18,350,000.
Cushman & Wakefield’s Executive Director Brock Emmetsberger, Senior Associate Billy Simons and Associate Rachel Aschendorfrepresented the seller in the transaction. Cushman & Wakefield brokers previously sold the building to the seller in 2004 for $7,150,000.
“With tech firms’ ever-expanding presence in Chelsea, the neighborhood - and 151 Eighth Avenue in particular – are positioned to see an increased demand for residences and services,” said Cushman & Wakefield’s Brock Emmetsberger. “We expect property values in the surrounding area to remain strong.”
The 15,260-square-foot, mixed-use apartment building contains 16 residential units, two retail units and one cell tower. Of the 16 apartments, eleven are free market, four are rent stabilized and one is rent controlled. Recently, the building’s roof was redone, the parapet walls were rebuilt and the skylights were all updated. Furthermore, the property benefits from a boiler that was updated in 2006.
Situated on the west side of Eighth Avenue between West 17th and West 18th Streets, the property is in close proximity to a wide array of retail and dining options including Chelsea Market and Barneys New York. The property is easily accessible via the 1, 2, 3, A, C, E, F, M and L subway lines and multiple bus stops.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
