Metro sells six Manhattan apartment buildings for $65 million

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Cushman & Wakefield arranged the sale of six multi-family 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 an aggressive strategy to maximize value throughout the marketing process for each of these buildings,” Shapiro said. “We have seen significant interest from a wide range of investors, which is not surprising given that these buildings are located in some of Manhattan’s most desirable residential areas, which are about to recover from pandemic lows as quickly as possible.”

This is the second sale of the original portfolio of 13 properties that Metro sold this year. In August, he sold five properties in the collection along Manhattan’s West Side 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 multi-family walk-up apartment building consisting 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 multi-family 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 14,540 square foot, four-storey, 45-unit residential building 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 walk-up 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 (top photo) totals 15,939 square feet and features 184 feet of highly visible wraparound frontage in the heart of Greenwich Village. The three-story mixed-use property is made up of eight residential apartments above six commercial 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 area totals 7,500 square feet and is currently configured into four retail storefronts. The property has 99 feet of frontage and 25,297 square feet of air rights available 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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