February 19, 2016
BlueGate Sells The Chelsea for $211.25 Million
BlueGate Partners, LLC (“BlueGate”) is pleased to announce the successful sale of The Chelsea, a 204-unit luxury multifamily property that contains ground-floor retail space with frontage along 7th Avenue 23rd Street and 24th Street in Manhattan’s trendy Chelsea neighborhood. Representing the seller, LaSalle Investment Management, BlueGate sold the property to Greystar for $211,250,000.
The property is comprised of two buildings; a 204-unit luxury apartment building rising 19 stories above the southeastern corner of Seventh Avenue and 24th Street as well as a three-story commercial building containing a total of 2,130 square feet with frontage on 23rd Street. Located in the center of Manhattan’s desirable Chelsea neighborhood, the property sits directly above the 23rd Street and 7th Avenue subway station serving the number 1 line, and is also only one Avenue away from stops on the C, E, F, and M lines, in addition to PATH service to New Jersey. The Chelsea contains studio through two-bedroom apartments equipped with high-end finishes and numerous amenities including a 24-hour fitness center, underground parking and a 24-hour concierge/door attendant. Four retail tenants occupy the ground floor of the property, including a Starbucks and a FedEx Office Print & Ship Center.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.