Cushman & Wakefield has begun marketing a 13-building apartment portfolio expected to fetch north of $74 million.
The Metro Portfolio, contains 161 rental apartments with 117 rent stabilized and 44 free market units, 11 retail storefronts and four commercial units situated across Manhattan.
Robert M. Shapiro, Michael Gembecki, Andrew Berry, Nicholas Kontos, Austin Fabel and Charlie Gravina are leading marketing efforts on behalf of the seller, Metro Management Development, the Long Island City based firm led by David Baron and Victor Fuerst. the company’s portfolio includes 35,000 apartments across NYC.
“The Metro Portfolio is a rare collection of 13 residential and mixed-use properties located throughout some of Manhattan’s most desirable neighborhoods,” said Gembecki. “Featuring highly-desirable retail storefronts in thriving residential markets, this portfolio boded well during the pandemic and is poised to appreciate substantially when the city fully reopens.”
“We are excited to offer investors the opportunity to purchase the portfolio in its entirety or on a carefully-curated tranche basis, giving the investment community the flexibility to focus on a preferred asset class or the package as a whole,” added Berry.
The following properties are included in the portfolio:
101-109 West 10th Street (pictured top) totals 12,037 square feet and boasts 184 feet of highly visible, wraparound frontage in the heart of Greenwich Village. The three-story, mixed-use property is comprised of eight residential apartments above six retail spaces.
473 Sixth Avenue is a three-story, 3,902-square-foot mixed-use building consisting of one retail unit and two floor-through apartments in Greenwich Village.
191-197 Seventh Avenue is a five-story, mixed-use elevator building totaling 34,090 square feet in the heart of Chelsea. The ground floor retail totals 7,500 square feet and is currently configured as four retail storefronts. The property features 99 feet of frontage and 25,297 square feet of available air rights for future development.
335 West 19th Street is a four-story, 45-unit residential apartment building spanning 15,540 square feet in Chelsea.
312 West 21st Street is a 9,000-square-foot, five-story walkup multifamily building comprised of 10 two-bedroom apartments in Chelsea.
357-359 West 22nd Street are two five-story multifamily buildings with 10 units. The buildings total 11,250 square feet and are located in Chelsea.
320-326 West 55th Street and 329-333 West 55th Street are two four-story walkup apartment buildings. The properties consist of 63 apartments and span 27,552 square feet in Hell’s Kitchen.