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Deals & Dealmakers

Greystar buys Chelsea, Williamsburg buildings for $336M

South Carolina-based investment firm Greystar Real Estate has closed on $336 million in trades for two New York apartment properties.

The company bought The Chelsea, a 204-unit property at 160 West 24th Street in Manhattan, for $211.3 million as well as a 169-unit property on North 7th and 8th Streets in the Williamsburg, Brooklyn for $125 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.”

Greystar Real Estate Partners is the nation’s largest apartment operator and currently manages more than 4,000 units in the New York City metro area.

The two properties just purchased mark the full investment of Greystar Equity Partners VIII, L.P., an $800 million vehicle that is part of Greystar’s fund series.

The Chelsea, a 204-unit multifamily property located at 160 West 24th Street on the corner of 7th Avenue, is an 18-story property offering a variety of different floor plans. It has a 5,200 s/f parking garage and 11,000 s/f of retail space on the ground floor. Amenities include a fitness center, media room, two rooftop decks and a resident lounge.

The building was briefly owned by the city during the 1990s and served as the office of the Commissioner of Finance, according to property records. The previous owner, Chelsea Commonwealth LLC, bought the property for $117.4 million in 2006. Greystar said it will serve as property manager and plans to reposition the asset “through comprehensive community upgrades including strategic capital improvements and asset rebranding.ˮ The off market sale was brokered by BlueGate

The Williamsburg buildings are located at 247 North 7th and 248 North 8th Streets and form one of the newest apartment communities in the neighborhood. It was developed by Adam America which originally purchased the site in 2013

The property, which was completed earlier this year, features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge.

Greystar will serve as property manager for the community and leverage its operational expertise to manage the lease-up of 248 North 8th.

GFI and Voda Bauer brokered the off market sale. Greystar said it continues to identify additional attractive investments and management opportunities throughout the Tri-state area.

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