Channa Taub refis Chelsea commercial with $40M from Mass Mutual

Channa Taub through the entity 625 Ownership LLC as borrower signed a loan agreement with lender Massachusetts Mutual Life Insurance Company valued at $40 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) and containing 7 residential units at 625 Sixth Avenue in Chelsea. The deal closed on January 28, 2021 and was recorded on February 2, 2021.
The property contains a total of 134,235 square feet of built space. The property has 134,235 square feet of available development rights.
The average loan per buildable square foot is $298.
This financing includes a $15.2 million gap loan.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,463,500.

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