Westover Companies purchased a 13-property multifamily portfolio in Chelsea for $94.5M from Black Spruce Management. The portfolio comprises 147 units across 98,000 square feet, located between West 19th and West 29th Streets. Black Spruce, led by Josh Gotlib, acquired the properties for $80M in 2016 and refinanced them with a $75M CMBS loan. Marcus & Millichap represented both parties in the transaction, while Iron Hound Management facilitated the loan assumption. This acquisition increases Westover’s NYC holdings to 14 properties, following their $56.8M purchase of The Nathaniel in 2022.
Westover Companies
