Eastern Star Development gets $43M construction loan from Cathy Bank for resi in Chelsea

Anthony Hu’s Eastern Star Development through the entity HW Manhattan One LLC as borrower signed a loan agreement with lender Cathy Bank valued at $43 million for the 82-unit residential project at 300 West 30th Street in Chelsea. The deal closed on March 25, 2021 and was recorded on April 16, 2021.
The property contains a total of 67,876 square feet of development space.
The average loan per unit is $524,390.
The loan includes a $33 million building loan and refinances a $10 million acquisition loan from 2019. The last time the property sold was April 30, 2018 for $27,500,000.
Over the past five years, there have been 11 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 $197,000.

There has been one new building permit application Those plans include a total of 80 residential units.

There have been 2 demolition projects filed over the past five years. The demolition included 53 residential units.

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