Naftali Group refinances $43M from Helaba for multifamily property in Chelsea

Naftali Group through the entity 245 Owner LLC as borrower signed a loan agreement with lender Helaba through its Landesbank Hessen-Thuringen Girozentrale valued at $43 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 67 residential units at 245 West 25th Street in Chelsea. The deal closed on July 8, 2020 and was recorded on July 13, 2020.
The property contains a total of 39,698 square feet of built space. The property has 89,180 square feet of available development rights.
The average loan per unit is $641,791.
Signature Bank assigned $45 million in debt financed in 2015, to Helaba. The last time the property sold was December 20, 2012, for $37 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 67 residential units on December 12, 2012.
Over the past five years, there have been 10 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 $842,030. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $635,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link