Anonymous buyer borrows $93M from Bank OZK to purchase hotel in Chelsea

The entity NY 28th Street LLC as borrower signed a loan agreement with lender Bank OZK valued at $92.5 million for 1 parcel at 140 West 28th Street in Chelsea. The deal closed on September 30, 2020 and was recorded on October 26, 2020.
The property contains a total of 217,166 square feet of built space.
The average loan per buildable square foot is $228.
The debt was reduced by $5 million from the maximum of $97.5 million recorded in 2017. The last time the property sold was October 7, 2016, for $60,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 146,630 square feet. Those plans include a total of 531 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Brannon Hamblen