Brodsky Organization signs $24M refi with Western Alliance Bank for hotel in Chelsea

The Brodsky Organization through the entity High Line Hotel LLC as borrower signed a refi loan with lender Western Alliance Bank valued at $24 million for the hotel condo (CC) at 180 10th Avenue in Chelsea, Manhattan.
The deal closed on September 3, 2021 and was recorded on September 22, 2021.
The property has 33,879 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $708 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 owner bought the property on September 12, 2012, for $16 million.
The signatory for Brodsky Organization was Kymberlyn K. Janney.

Within a 400-foot radius of 180 10th Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on December 23, 2019 for a 34,267-square-foot residential R-2 building with 10 residential units at 500 West 22nd Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 9, 2021 for the $257,400 renovation of a 8,580-square-foot J-2 building with eight residential units at 503 West 22nd Street.

Of those seven items, two were loans above $5 million totaling $42 million. The most recent of the two was Hakimian Organization which borrowed $15.5 million from Apple Bank For Savings secured by the 68,260-square-foot, 75-unit rental (D7) on 460 West 20th Street on June 5, 2020.

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