239 West 20th Street

JLL has been retained on an exclusive basis to arrange for the sale of 239 West 20th Street (“The Property”), a ~26’ wide, six-story walk-up building located on the north side of West 20th Street between Seventh and Eighth Avenues in the Chelsea neighborhood of Manhattan. Comprised of approximately 8,898 gross sf, the apartments feature efficient layouts with a mix of ten (10) studios, twelve (12) one-bedrooms, one (1) one-bedroom duplex, and one (1) two-bedroom duplex with a garden.

Of the 24 apartments 12 (50%) are currently rent stabilized with preferential rents, and 12 (50%) are rent stabilized. The rent stabilized preferential units are renting for an average of $2,259/month, a ~27% discount to the legal rent signaling potential for future rent growth. The remaining rent stabilized units are renting for an average of $2,687/month. Furthermore, the Property will continue to receive tax exemption benefits under the J-51 program, which is not set to expire until 2031/32.