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Chelsea Apartment Sells for $93M

NEW YORK CITY-A 204-apartment/executive hotel in Chelsea, purchased by the joint venture just three years ago for $63 million, trades for $93 million.

By Barbara Jarvie | Updated on May 12, 2004

NEW YORK CITY-The Chelsea at 160 West 24th St., which was picked up by Townhouse Management and Pine Equity NY for $63 million three years ago, sells to foreign investors for $93 million. The joint venture had invested an additional $9 million in closing and renovation costs while converting the building into corporate apartments leased out to Marriott ExecuStay.

Also included in the arrangement with Berkshire Capital Group LLC, an affiliate of London real-estate investor CIT Group Plc, and Lend Lease Real Estate Investments Inc. is a small adjacent site—-167 West 23rd St. The 18-story Chelsea also features a 50-car garage and six stores on Seventh Avenue.

“The sale says a lot about the strength of the New York residential market, especially the Chelsea area, and the creditworthiness of our tenant,” points out Mitchel A. Maidman, Townhouse president. And Townhouse and Pine plan to continue along the same path finding a niche in the corporate housing environment.

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