Chestnut Holdings borrows $15M for office property in Nomad

Chestnut Holdings through the entity Radio Wave LLC as borrower signed a loan agreement with lender Israel Discount Bank Of New York valued at $15.5 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 49 West 27th Street in Nomad. The deal closed on March 15, 2021 and was recorded on April 5, 2021.
The property contains a total of 83,050 square feet of built space. The property has 83,050 square feet of available development rights.
The average loan per buildable square foot is $187.
The financing pays down a loan with an original principal of $18 million given by Apple Bank for Savings in 2012.
Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $55,000.0. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3,437,603.

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