The nation’s largest apartment operator has added another New York City residential tower to its portfolio. Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 West 24th Street in the Chelsea neighborhood of Manhattan, for $211.3 million.
“We like the strong demographic and economic fundamentals supporting the New York City multifamily market,” said Bob Faith, Chairman and CEO of Greystar. “These transactions represent a continuation of our value-add strategy to acquire well-located, institutional quality apartment communities in thriving markets and leveraging our fully-integrated platform to drive additional value at the asset level.”
Situated on the corner of 7th Avenue, The Chelsea rests in the heart of one of Manhattan’s most coveted neighborhoods and offers easy access to the New York City subway system. The 18-story property features a variety of different floor plans and includes a 5,200 square foot parking garage and 11,000 square feet of prime retail space on the ground floor. Amenities include a fitness center, media room, two rooftop decks and a resident lounge.
Greystar will serve as property manager and plans to reposition the asset through comprehensive community upgrades including strategic capital improvements and asset rebranding.