A portfolio of four contiguous buildings situated directly adjacent to the High Line in New York City’s Chelsea neighborhood has been purchased by Morgenstern Capital in a $27.6m deal. The collection of four buildings include one multifamily, two mixed-use buildings and a single-story retail property. Family owned since 1984, the assets includes 26 apartments and four ground-floor retail units. The portfolio benefits from 7,185 sq ft in air rights that may be used for additional development. Cushman & Wakefield represented the sellers.
“Trading hands for the first time in 32 years, The High Line Portfolio sold for over $1,200 per square foot at an approximate 3.5 percent cap rate, illustrating strong continued demand for prime mixed-use assets in Manhattan,” said Winfield Clifford, executive director at Cushman & Wakefield.
