-- Alpha Realty finalized the $18.5 million sale of 421 W 21st Street, a 35-unit multifamily building located between 9th and 10th Avenues in the Chelsea neighborhood of Manhattan. Lev Mavashev, founder of Alpha Realty, brokered the all-cash transaction, which highlights the evolving dynamics of New York City's multifamily investment landscape.
The building, originally purchased in 2014 for $22.5 million, nearly doubled its rent roll over the last decade. Despite improved income and partial renovations—60% of units received upgrades with modern finishes—the final sale price came in below the 2014 figure due to the lasting effects of the 2019 rent law changes and continued upward pressure on interest rates.
“This was about helping sellers out of a high-pressure situation,” said Lev Mavashev. “Despite higher income and renovations, this building sold below its 2014 price due to today’s market realities. It’s a real look at where NYC multifamily stands in 2025.”
421 W 21st Street is a six-story elevator building totaling 26,800 square feet. It features in-unit washer/dryers, stainless steel appliances, dishwashers, and a virtual doorman system. The Chelsea location offers immediate access to the High Line, Hudson Yards, and the 23rd Street subway station, making it one of the most desirable submarkets on Manhattan’s West Side. The buyer, a private investor, closed the deal all-cash.
Alpha Realty’s team ran a focused marketing and buyer qualification process, targeting experienced operators with a strong understanding of rent-stabilized underwriting. The firm continues to guide sellers across the five boroughs through market constraints tied to pricing, regulation, and capital availability.
Property Highlights:
- 421 W 21st St, New York, NY 10011
- 35 residential units | 6 stories | 26,800 SF
- 60% of units renovated
- All-cash transaction
- Closed Q1 2025
- $18,500,000 sale price
- 5.85% cap rate
To read the full case study, https://www.alpharealtyny.com/chelsea-manhattan-multifamily-sale-18m-deal-market-shift/.
About Alpha Realty
Alpha Realty is a New York City–based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev in 2014, the firm has quickly become one of the most active and respected players in the NYC commercial real estate market. With deep experience across Brooklyn, Manhattan, and the outer boroughs, Alpha Realty combines local market expertise with hands-on deal execution, delivering consistent results across transactions of all sizes.
About Us: Commercial Lending News delivers expert reporting and industry analysis across commercial real estate, lending, banking, finance, and investment sectors. From interest rate trends to major acquisitions and market-shaping technologies, our coverage connects decision-makers to the insights that drive the future of business and investment.
Contact Info:
Name: Caroline Vega
Email: Send Email
Organization: US Commercial Lending News
Address: 135 West 36th Street, New York, NY 10018, United States
Phone: 203-912-7244
Website: https://uscommerciallending.com
Release ID: 89158027
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