Cushman & Wakefield hired to sell Chelsea rental

Listing for 12-unit building on 28th Street follows apartment renovations, updating of lobby
March 19, 2014 01:27PM

Sovereign Partners tapped commercial brokerage Cushman & Wakefield to market the sale of its luxury residential building at 146-148 West 28th Street in Chelsea.

Nat Rockett, Helen Hwang and Brian Szczapa of Cushman’s New York Capital Markets team are marketing the 28,072-square-foot property, which holds 12 apartment units.

The property recently underwent an extensive capital improvement program, in which nine of the 12 apartments underwent renovation, the building entrance and lobby were updated and an illuminated retail canopy was added. The building’s elevator cabs were also modernized and the boiler replaced.

The property was previously owned by Ben Shaoul, who signed the deed of the seven-story mixed-use building over to Sovereign after the developer bought Shaoul’s defaulted note on the property from Brooklyn Federal Savings in May 2011 for $13.5 million, as The Real Deal previously reported.

The building holds a mix of three- and four-bedroom units with direct in-unit elevator access. The buyer will have the flexibility to complete the renovation of the remaining units, combine them or create town homes, or convert the building into condominiums, according to the Cushman release. — Julie Strickland