Greystar Real Estate Partners has announced the closing of two separate multi-family purchases in New York City for a combined $336.3 million. In the first deal, the company acquired The Chelsea, a 204-unit mixed use building located at 160 West 24th Street in the Chelsea neighborhood of Manhattan, for $211.3 million. The 18-story property includes a 5,200 square foot parking garage and 11,000 square feet of prime retail space on the ground floor. The second purchase is a 169-unit multifamily property comprised of two buildings located on North 7th and 8th Streets in the Williamsburg neighborhood of Brooklyn for $125 million. The new property features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge.
Greystar operates offices throughout the United States, Europe, and Latin America and manages approximately 415,000 units in over 130 markets globally. It now owns more than 4,000 units in the greater New York City metro area. “We like the strong demographic and economic fundamentals supporting the New York City multifamily market,” said Bob Faith, Chairman and CEO of Greystar.
