JLL completes $7.2 million sale of 222 West 16th Street in New York City's Chelsea neighborhood

 Brock Emmetsberger

NEW YORK, NY— JLL Capital Markets announced it has completed the $7.2 million sale of 222 West 16th Street in New York’s Chelsea neighborhood. 

The contract of sale was originally signed in February and closed earlier this month despite the outbreak of Covid-19.

This transaction represented the first Chelsea multifamily building to sell in 2020. The property consists of a four-story main building with eight units and a rear carriage house with six units.

 The buildings total 6,550 square feet and offer 13 free-market residential units and one rent-stabilized unit that was delivered vacant. 


The site comes with approximately 3,774 square feet of air rights, allowing 222 West 16th Street to support development of up to 10,300 buildable square feet with its R8B zoning.

The residential property is surrounded by a wide variety of shopping, dining and entertainment options and is located just a short walk from the 1, 2, 3, A, C and E subway lines and the 14th Street PATH transit stop.

 Ryan Kossoy

The JLL Capital Markets team representing the seller includes Managing Director Brock Emmetsberger and Directors Ryan Kossoy and Reed Waggoner. 

 Steve Kim, president, with Kingstone Realty New York Inc. represented the buyer.

“222 West 16th Street’s prime location and development potential provided the buyer with an ideal investment,” Emmetsberger said. 

“We had multiple bidders, creating leverage for our client while maximize pricing, and were thrilled that closing concluded in May without any changes in pricing or terms.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contacts: 

George Shea, Mark Faris

Company: Shea Communications

Phone: +1 212 627 5766

Email: mfaris@sheacommunications.com

Kimberly Steele

Senior Associate, Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

us.jll.com/capitalmarkets

Marcus & Millichap Brokers $1 Million Sale of Net-Leased Dollar General Site in Roper, NC

Cole Skinner

ROPER, NC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Dollar General, a 9,026-square foot net-leased property located in Roper, NC, according to Christopher W. Travis, regional manager of the firm’s Tampa office. 

The asset sold for $1,080,000.

Cole Skinner and Daniel Hurd, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was secured and represented by Bobby Gross and Darpan Patel, investment specialists in Marcus & Millichap’s Tampa and Cincinnati offices. Broker, Ben Yelm, assisted in closing this transaction.

Daniel Hurd

           “It was great to work with Darpan and Bobby and collaborate internally on this deal," said Skinner.

 "That allowed a lot of really good communication from start to finish, which was advantageous for both of our clients and overall it was a very smooth and seamless transaction.

"I know our seller was very pleased with how efficient the process was, and that’s what matters.”

Added Hurd:  “This exclusive listing generated multiple offers and went under contract after just a couple weeks of being on market.

Bobby Gross 

"There is a large appetite for these shorter term, absolute net lease dollar stores and the sellers were able to capitalize on the investor demand. We were fortunate to have a great deal team involved on this transaction and closed without any delays.”

Patel said, “It was great to help our client execute a 1031 exchange and secure financing, especially during such an uncertain time period.

"The sentiment in the market is driving investors to acquire stable, credit tenants and Dollar General property provide an easier entry point."

”

Added Gross, “As I echo what has already been said, I would just like to add, the buyer expressed her gratitude by commending Marcus & Millichap, for our platform, professionalism and efficiency. 

Darpan Patel

"Professionally, it truly was a great experience to represent her and get this deal done.  Thank you to all parties involved.”

Dollar General is located in Roper, NC.  The property was developed in 2010 and sits on a large 1.7-acre parcel.  This is an absolute NNN lease, which provides a passive investment vehicle for the investor.

           The store is positioned strategically along the main traffic artery through town, which allows excellent visibility in this niche market. There is a competition void, with the closest dollar store being over five miles away.

CONTACT:

Christopher Travis

Regional Manager

 Tampa, FL

(813) 387-4700