Press Releases
Marcus & Millichap Arranges $6.7 Million Sale of Chelsea Redevelopment Site
July 22, 2025
NEW YORK, July 22, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 20,815-square-foot redevelopment site at 223 W 29th St., in New York, for $6.7 million.
“Given our track record in the neighborhood, we were hired to market the owner-occupied mixed-use building in Chelsea, where we generated strong interest—ultimately securing a buyer who met the seller’s goals and plans to build a condo project in a growing part of the neighborhood,” said Colton Traynham.
Traynham, Matt Fotis and Michael Weinstein, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both private investors.
The property is located between 7th Avenue and 8th Avenue in the Chelsea neighborhood of Manhattan. Zoned M1-6D, it allows for approximately 20,815 buildable square feet with residential use as of right. The site is within walking distance of Madison Square Garden, The High Line, and several subway lines, including the 1, 2, A, C and E trains. Chelsea is known for its vibrant residential community, art galleries, and major recent developments, including new residential towers and hospitality projects nearby.
“Given our track record in the neighborhood, we were hired to market the owner-occupied mixed-use building in Chelsea, where we generated strong interest—ultimately securing a buyer who met the seller’s goals and plans to build a condo project in a growing part of the neighborhood,” said Colton Traynham.
Traynham, Matt Fotis and Michael Weinstein, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both private investors.
The property is located between 7th Avenue and 8th Avenue in the Chelsea neighborhood of Manhattan. Zoned M1-6D, it allows for approximately 20,815 buildable square feet with residential use as of right. The site is within walking distance of Madison Square Garden, The High Line, and several subway lines, including the 1, 2, A, C and E trains. Chelsea is known for its vibrant residential community, art galleries, and major recent developments, including new residential towers and hospitality projects nearby.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
