Highpoint Property Group pays $4.6M for rental property in Chelsea

Drew Popkin’s Highpoint Property Group through the entity 231 West 20th Street Owner LLC paid Estate of James Sobrino’s Brian A. Raphan, Executor $4.6 million for 231 West 20th Street in Chelsea. The deal closed on July 2, 2020, and was recorded on July 10, 2020. The transaction consists of 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 10 residential units. The property is 3,150 square feet. The parcel(s) have total development potential of 7,861 square feet.
The average sale price per square foot is $582.

Highpoint also obtained a $6.3 million acquisition and rehabilitation construction loan at the same time. The contract date was February 14, 2020.

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