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Metro sells six Manhattan apartment buildings for $65M

Cushman & Wakefield has arranged the sale of six multifamily properties in Manhattan, dubbed The Metro Portfolio, for a total of $64,675,000.

Robert M. Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel and Nicholas Kontos represented the seller, Metro Management, in each transaction.

“Our team executed a dynamic strategy to maximize value throughout the marketing process for each of these buildings,” said Shapiro. “We saw significant interest from a wide range of investors, which is no surprise considering these buildings are located in some of Manhattan’s most desirable residential neighborhoods which are poised to recover the quickest from the pandemic lows.”

This is the second sale from the original 13-building portfolio that Metro has sold this year. In August, it sold five properties from the collection that are located along the west side of Manhattan for $27 million in a deal also arranged by the same Cushman & Wakefield team.

312 West 21st Street is an 8,930-square-foot, five-story walkup multifamily building comprised of 10 two-bedroom apartments in Chelsea. The final sale price was $3,400,000. The buyer was Leor Sabet’s Sabet Group.

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. The final sale price was $8,000,000. The buyer was Parke Leatherman of Lockhill Properties.

335 West 19th Street is a four-story, 45-unit residential apartment building spanning 14,540 square feet in Chelsea. The final sale price was $7,500,000. The buyer was Seiya Tokuyama.

320-326 and 329-333 West 55th Street are two four-story walkup apartment buildings. The properties consist of 63 units and span 27,552 square feet in Hell’s Kitchen. The final sale price was $11,550,000. The buyer was Andon Iksino of Xinos Construction Corp.

101-109 West 10th Street (pictured top) totals 15,939 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. The final sale price was $16,725,000. The buyer was Bob Cohen of RA Cohen.

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. The final sale price was $17,500,000. The buyer was an LLC associated with Twin Oaks Equity Partners.

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