Davis Companies signs $90M refi loan with QuadReal Property Group for storage in Chelsea

Davis Companies through the entity Div West 29th Street, LLC as borrower signed a refi loan with lender QuadReal Property Group through the entity Qr Real Estate Capital Reit LLC valued at $90 million for the industrial building (E7) at 155-165 West 29th Street in Chelsea, Manhattan.
The deal closed on November 3, 2025 and was recorded on December 2, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $84.4 million. The property has 140,351 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $641 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 March 25, 2021, for $36.5 million. The signatory for Davis Companies was Stephen Davis .

The property

The industrial building in Chelsea has 140,351 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 136 feet and is 115 feet deep with a total lot size of 13,093 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $28.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,750 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 640,254 square feet of the 898,617 square feet. The largest owner is Bernstein Real Estate, followed by Ilya Mikhailov and then Feiner Grant Strategies.
On the tax block, there was one new building construction project filed totaling 135,003 square feet. It is a 135,003 square-foot storage (S-1) building submitted by David Companies and filed by Stephen Skolas with plans filed July 9, 2020 and permitted July 13, 2021.

The majority, or 86 percent of the 898,617 square feet of built space are office buildings, with specialty buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Davis Companies owned at least seven commercial properties with 386 residential units in New York City with 421,564 square feet and a city-determined market value of $86.9 million. (Market value is typically about 50% of actual value.) The portfolio has $151.1 million in debt, with top three lenders as Santander Bank, First-Citizens Bank & Trust Company, and City National Bank respectively. Within the portfolio, the bulk, or 56 percent of the 421,564 square feet of built space are office properties, with industrial properties next occupying 36 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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