Aetna Realty signs $8M refi with Peapack for four properties in Chelsea

Aetna Realty through the entity 344 Bowery Retail LLC as borrower signed a refi loan with lender Peapack Private Bank & Trust through the entity Peapack Private Bank & Trust valued at $8 million for four properties with 41 residential units including the 10-unit residential walkup building (C7) at 205 West 20th Street in Chelsea, Manhattan, nine-unit mixed-use building (K4) at 201-203 West 20th Street in Chelsea, Manhattan, and 17-unit residential walkup building (C7) at 172 7th Avenue in Chelsea, Manhattan.
The deal closed on March 30, 2026 and was recorded on April 3, 2026. The prior lender was Michael Dulchin which held debt that had an original loan amount of $6.5 million.The four properties have 25,777 square feet of built space and 20,546 square feet of additional air rights for a total buildable of 46,334 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $310 and the price per buildable square foot is $172 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Aetna Realty was Benjamin Braka . The signatory for Peapack Private Bank & Trust was Kenneth A. Stagnari.

Aetna Realty bought the properties for $13.5 million in March 2025.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ben Braka, head officer and Brian Donovan, site manager. The business entities are Choice Ny Management and 344 Bowery Retail Llc. The four properties with a total of 25,777 square feet of built space generated revenue of $1.3 million per year or $52 per square foot.

The property

The mixed-use buildings with 5 residential units in Chelsea have 25,777 square feet of built space and 20,546 square feet of additional air rights for a total buildable of 46,334 square feet according to a PincusCo analysis of city data. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. Peapack Private Bank & Trust on March 30, 2026 bought a loan with an original principal of $6.5 million from Michael Dulchin signed by Michael Dulchin and Gennaro Scibelli, secured by 174 7th Avenue, 172 7th Avenue, 201-203 West 20th Street, and 205 West 20th Street, when owned by Aetna Realty .

Transaction Participants

Amy F. Hecht at Cullen And Dykman LLP participated in the transaction on behalf of the lender.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $7,500 in ECB penalties, 33 housing violations, $7,650 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 1.9 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 174 7th Avenue, PincusCo has identified the owners of 21 of the 39 commercial properties representing 176,606 square feet of the 339,702 square feet. The largest owner is Aetna Realty, followed by Targo Capital Partners and then Florence Goldsmith.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 339,702 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that aetna realty owned at least 10 commercial properties with 136 residential units in New York City with 102,421 square feet and a city-determined market value of $39.6 million. (Market value is typically about 50% of actual value.) The portfolio has $18.2 million in debt, with top three lenders as Kinsey Equities, First American Exchange Company, and Signature Bank respectively. Within the portfolio, the bulk, or 44 percent of the 102,421 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. They are all located in Manhattan.

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