Alex Adjmi of ACHS Management borrows $22M from Citigroup for new retail property in Chelsea

Alex Adjmi of ACHS Management through the entity 717 Subsidiary LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $21.5 million for 1 parcel at 116 Seventh Avenue in Chelsea. The deal closed on February 28, 2020 and was recorded on April 2, 2020.
The retail property contains a total of 11,874 square feet of built space.

The last time the property sold was June 17, 2016, for $29,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 16, 2019.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,500,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,189,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link