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Deals & Dealmakers

Elizabeth Stribling sells former Chelsea brokerage building

Residential brokerage doyenne Elizabeth Stribling has sold her company’s former office building at 340 West 23rd Street.

JLL Capital Markets brokered the sale of the four-story, mixed-use building in Chelsea.

The buyer was River Tuti LLC, according to public records. The sale price was $7.55 million.

The property totals 5,927 s/f of retail and residential space and offers 3,949 available square feet of air rights. The owners were asking $7.95 million for the building.

The JLL professionals overseeing the sale assignment included Brock Emmetsberger, Managing Director; and Ryan Kossoy and Reed Waggoner, Associates.

Originally constructed in 1819 by James N. Wells & Sons, the historic property previously housed Stribling’s Chelsea and downtown agents before the company’s merger with Compass last April.

The addition of Stribling’s 300 agents and 50 employees brought Compass’ New York City presence to over 1,800 agents in 11 offices.

ELIZABETH STRIBLING

Founded by Elizabeth Stribling and Connie Tysen 40 years ago, Stribling flourished as an independent luxury broker, closing $1.62 billion in sales the year before it closed.

“I could not be more excited to begin a new life at Compass,” said Stribling at the time of the merger.

“Compass represents the future of real estate brokerage and Stribling will now be a part of this exciting new world. Because of their solid core values, innovative thinking, and exceptional platform, we have enthusiastically chosen Compass.”

Compass was founded in 2012 and has grown to service more than 10,000 agents across 248 offices in 132 markets across the country. The company is valued at $4.4 billion and has raised $1.2 billion to-date.

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