Atlantic Development Group borrows $39M from Jones Lang LaSalle Multifamily for property in Chelsea

Atlantic Development Group through the entity 23rd Street, LLC as borrower signed a loan agreement with lender Jones Lang Lasalle Multifamily, LLC valued at $39.0 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 89 residential units at 303 10th Avenue in Chelsea. The deal closed on September 27, 2019 and was recorded on October 18, 2019.
The property contains a total of 101,000 square feet of built space.
The average loan per unit is $438,202.
The last time the property sold was August 1, 2006, for $4,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 89 residential units on August 6, 2012.
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 was one renovation/alteration project (A2) applied for with a total estimated value of $79,009.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link