JLL sells 222 West 16th Street for $7.2M
Foreign investor acquires 14-unit multifamily property in New York’s Chelsea neighborhood; site allows for development of up to 10,500 buildable square feet
NEW YORK, June 17, 2020 — JLL Capital Markets announced today that it has completed the $7.2 million sale of 222 West 16th Street in New York’s Chelsea neighborhood. The contract of sale was originally signed in February and closed earlier this month despite the outbreak of Covid-19.
This transaction represented the first Chelsea multifamily building to sell in 2020. The property consists of a four-story main building with eight units and a rear carriage house with six units. The buildings total 6,550 square feet and offer 13 free-market residential units and one rent-stabilized unit that was delivered vacant. The site comes with approximately 3,774 square feet of air rights, allowing 222 West 16th Street to support development of up to 10,300 buildable square feet with its R8B zoning.
The residential property is surrounded by a wide variety of shopping, dining and entertainment options and is located just a short walk from the 1, 2, 3, A, C and E subway lines and the 14th Street PATH transit stop.
The JLL Capital Markets team representing the seller includes Managing Director Brock Emmetsberger and Directors Ryan Kossoy and Reed Waggoner. Steve Kim, president, with Kingstone Realty New York Inc. represented the buyer.
“222 West 16th Street’s prime location and development potential provided the buyer with an ideal investment,” Emmetsberger said. “We had multiple bidders, creating leverage for our client while maximize pricing, and were thrilled that closing concluded in May without any changes in pricing or terms.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.