NEW YORK CITY—Madison Realty Capital reports it has acquired 421 West 21st St., a six-story multifamily elevator building in West Chelsea, for $21.75 million.

The real estate investment firm acquired the 30,421 square-foot property in an off-market transaction. The building, originally constructed in 1950, contains 36 units and has been family-owned by the seller since 1995, Madison Realty Capital officials say. The property features 11 large studios and 25 one-bedroom units, with eight units in the building currently vacant and an additional five leases for units set to expire within one year.

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