NEW YORK CITY—A multifamily building at 256 West 15th Street, located on the south side of West 15th Street between Seventh and Eighth Avenues in Manhattan’s Chelsea neighborhood, was sold in an all-cash transaction valued at $6.125 million.

Located where Chelsea meets the West Village, this six-story building is approximately 11,100 sq. ft. and sits on a 25 ft. x 103.3 ft. lot. There are two ground floor retail units and twenty-two residential apartments. The residential units are configured as twenty one-bedroom units and two studios. At the time of the sale, eleven of the apartments were free market, seven units were rent-stabilized and two were rent controlled. There was one vacant unit, which was previously occupied by a rent stabilized tenant. The property has significant upside potential in a neighborhood where residential rents are reaching upwards of $70 per sq. ft.

All building systems are individually metered and the electric service has been upgraded within the past six months. The property is positioned to benefit from Google’s presence in Chelsea as well as the success of Chelsea Market.

“Only five apartment buildings traded in Chelsea last year. 256 West 15th Street is already the third to sell in 2012 so we are seeing a spike in investment sale activity,” said Massey Knakal director of sales Brock Emmetsberger who handled this transaction.