Marcus & Millichap Facilitates $94.5 Million Multifamily Sale in Chelsea, NY

Marcus & Millichap Closes Major Multifamily Transaction in Chelsea, NY

Marcus & Millichap, a leading commercial real estate brokerage firm, announces the successful sale of The Chelsea Collection, a multifamily portfolio comprising 13 properties with 147 units in New York City's Chelsea neighborhood. The transaction, valued at $94.5 million, stands out as one of the most significant multifamily deals in the area this year, with the properties trading for nearly $1,000 per square foot. This sale is indicative of the ongoing demand for quality multifamily assets in urban settings, particularly as the market shows signs of recovery post-pandemic.

The Chelsea Collection features a strategic location and high-quality construction, making it highly appealing to investors. Joe Koicim, a broker from Marcus & Millichap’s Manhattan office, notes that portfolio sales of this scale are a rarity in New York City. This transaction is further enhanced by the potential for future growth in the Chelsea area, which continues to attract interest from well-qualified investment groups. The acquisition by The Westover Companies reflects a robust investment climate, as they seek to capitalize on the city’s rebound. Koicim's team, which includes Logan Markley, Chris Dintrone, and Kory Barbanel, has successfully navigated the complexities of the market, closing on an impressive 95 buildings in New York City valued at over half a billion dollars in 2024 alone.

The Chelsea Collection sale not only highlights the resilience of New York City's real estate market but also reinforces Marcus & Millichap's prominent position within the industry. The firm's head of the Northeast Division, John Horowitz, commends Koicim for his ability to cultivate strong relationships and achieve consistent results in a challenging market environment. As the firm continues to expand its footprint across the U.S. and Canada, its expertise in investment sales, financing, and advisory services remains a vital asset in facilitating high-profile transactions like The Chelsea Collection.

In addition to the Chelsea transaction, Marcus & Millichap recently completed the sale of a portfolio of 31 net lease properties anchored by Town Fair Tire for $88.5 million. This deal illustrates the firm's diverse capabilities and its strategic focus on high-quality assets. With a robust infrastructure of 1,783 investment sales and financing professionals, Marcus & Millichap is well-positioned to meet the evolving demands of the commercial real estate market. As the firm continues to thrive, its commitment to delivering exceptional results for clients remains unwavering.