Chelsea Residential Tower Trades for $185M

Urban Investors has purchased the 213-unit luxury rental tower at 130 West 15th Street. The sale by Related Companies and Orda Management fetched a price of $185 million, or $870,000 per unit, reflecting a cap rate of 4%. Although overall investment sales have slowed dramatically, the recent off-market transaction could be a sign of strength in the multifamily market.