Alchemy-ABR signs $100M construction loan with Security Benefit Life for Midtown West development
Alchemy Properties and ABR Investment Partners through the entity 125 West 57th Street Property Owner, LLC as borrower signed a new construction loan with lender Security Benefit Life Insurance Company through the entity SB Corporate Funding LLC valued at $100 million for the development at 125 West 57th Street in Midtown West, Manhattan.
The deal closed on June 15, 2021 and was recorded on June 30, 2021.
The property has 191,261 square feet of built space and 0 square feet of additional air rights for a total buildable of 160,660 square feet according to PincusCo analysis of city data. The loan price per built square foot is $522 per the PincusCo analysis.
The owner bought the property on 25-Jun-21, for $130 million.
The signatory for Alchemy Properties was Joel Breitkopf.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
There has been one new building permit application
There has been one demolition project filed for the parcels over the past five years.
This is for the redevelopment of the property.
Within a 400-foot radius of 125 West 57th Street, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, four were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $675,000, one permit with a total initial cost of $6.7 million and two initial temporary certificate of occupancy issuances for projects that initially costed $19.2 million. The most recent of these four items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot R-1 building with 214 residential units at 111 West 57th Street.
Of those 14 items, eight were sales above $5 million totaling $138.9 million. The most recent of the eight was 15766b LLC which bought one condo unit in the 4,193-square-foot, 135-unit mixed-use building (RM) on 157 West 57th Street for $19.2 million from Extell Development on June 10, 2021.
Of those 14 items, two were loans above $5 million totaling $115.4 million. The most recent of the two was L&L Holding which borrowed $92.5 million from Aareal Capital Corporation secured by one condo unit in the 237,695-square-foot, 241-unit mixed-use building (RM) on 146 West 57th Street on March 30, 2021.
Direct link to Acris document. link