Chabad of Gramercy Park borrows $23M from M&T Bank for commercial property in Chelsea

Chabad of Gramercy Park as borrower signed a loan agreement with lender M&T Bank valued at $23 million for 4 parcels, including the tax class commercial condominium unit (R5) at 121 West 19th Street, 116 West 14th Street, 105 East 16th Street and 12 East 13th Street in Chelsea. The deal closed on May 27, 2020 and was recorded on June 8, 2020.

The refinancing provided $4 million in new debt. The signatory for the chabad was Naftali Rotenstreich.

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