Bernstein Real Estate borrows $75M from Capital One for office property in Chelsea

Bernstein Real Estate through the entity 307 Cosmic Realty LLC as borrower signed a loan agreement with lender Capital One, National Association valued at $75.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 307 7th Avenue in Chelsea. The deal closed on October 17, 2019 and was recorded on December 19, 2019.
The property contains a total of 197,612 square feet of built space.
The average loan per buildable square foot is $380.
This loan was issued at the same time as a partial interest sale between Bernstein Real Estate affiliates occurred.

Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $1,927,340.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link