Look on The Upside

February 17, 2010

Cignature Realty Associates announced the $6,350,000 sale of a six-story multi-family elevator building in the heart of Chelsea at 315 West 21st Street.

 

Cignature represented both the seller, a long-term investor, and the buyer, an established real estate investment family.

 

The well-maintained, 50-foot wide building features 36 apartments, with a total of nearly 20,500 s/f, and is located on a tree-lined block between 8th and 9th Avenues, close to public transportation.

 

“These types of rental properties are rare in New York City, especially in a coveted neighborhood such as Chelsea. And, at under $310 per square foot and with an average monthly rent of $1,000 per apartment, there is significant upside potential for the buyer,” according to Cignature’s president, Peter Vanderpool.

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