Black Spruce Management has picked up a multifamily portfolio in Chelsea for $80 million. Totaling 135 units and approximately 80,000 sqf, the 14 building portfolio will trade for $1,000 per sqf. About 30 percent of the portfolio is rent-stabilized and will require extensive renovations. The properties are located throughout Chelsea, from West 19th to 29th streets between Eighth and 10th avenues. The vendor, Tempo Management, has owned the properties since the early 1970s.
