NEW YORK CITY—Stone Street Properties and Greenwich Village Capital purchased a five-story, mixed-used building at 151 Eighth Ave. in Chelsea for $18.35 million in a deal announced on Monday.
The 15,260 square-foot, mixed-use apartment building is located between W. 17th and W. 18th streets. It contains 16 residential units, two retail units and one cell tower. Eleven apartments are market rate, four are rent stabilized and one is rent controlled. Originally constructed in 1900, the building's recent renovations include roofing work, rebuilt parapet walls and updated skylights.
The seller, All the Marbles Corporation, purchased the building in August 2004, from JEM Associates, according to Real Capital Analytics. It was sold for $7.15 million. Massey Knackel was listed as the broker. The head of All the Marbles is Roy Savelli who runs the aeronautically themed pub at the ground-level of the property.
Cushman & Wakefield represented the seller in this transaction with a team including executive director Brock Emmetsberger, senior associate Billy Simons and associate Rachel Aschendorf.
“With tech firms' ever-expanding presence in Chelsea, the neighborhood and 151 Eighth Ave. in particular, are positioned to see an increased demand for residences and services,” says Emmetsberger. “We expect property values in the surrounding area to remain strong.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
