Canvas Property Group sells four-property Chelsea portfolio

Robert Morgenstern’s Canvas Property Group sold four properties in Chelsea for $23 million. PincusCo reported the buyer is a collection of wealthy individuals. Meadow Partners, which held a stake in the buildings prior to this transaction, will retain an ownership stake.

The four buildings combine for 21,000 square feet, 17 residential units, three commercial units and 16 floors. Two of the buildings are apartments at 203 and 205 10th Avenue in Chelsea. A neighboring unit at 207 10th Avenue is a retail building currently leased to Japanese restaurant Juban. The other property — 505 West Houston Street — is also an apartment building.

Canvas purchased the properties on 10th Avenue in 2018 for $22.3 million. It bought the building on 22nd Street in 2018 for $5.3 million.

The portfolio swap was the highlight of last week’s mid-market transactions, defined as those between $10 million and $40 million.

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