Eight Points signs $60M initial loan with John Hancock for ground-leased fee in Chelsea
Eight Points Asset Management through the entity East Side 11th & 28th LLC as borrower signed an initial loan with lender John Hancock Life Insurance Company valued at $60 million for the fee under the ground-leased 710-unit rental (D8) at 539 West 28th Street in Chelsea, Manhattan. The rental property is owned by AvalonBay Communities.
The deal closed on November 9, 2021 and was recorded on November 16, 2021.
The rental property has 715,058 square feet of built space and 213,546 square feet of additional air rights for a total buildable of 928,246 square feet according to PincusCo analysis of city data. The loan price per built square foot is $83 and the price per buildable square foot is $64 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 signatory for Eight Points Asset Management was Marjorie Nesbitt.
(120053707)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 710 residential units on December 13, 2013.
The rental building’s owners according to the Department of Housing Preservation and Development include AvalonBay executives Jon Vogel, head officer and John Romano, officer. The business entity is Avb West Chelsea Llc.
Within a 400-foot radius of 539 West 28th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on April 6, 2020 for a 49,375-square-foot R-2 building with 60 residential units at 517 West 29th Street.
Of those nine items, six were sales above $5 million totaling $83.7 million. The most recent of the six was Nazar Khan which bought the 6,500-square-foot, two-unit mixed-use building (O8) on 536 West 29th Street for $13 million from George Pitt on September 21, 2021.
Of those nine items, two were loans above $5 million totaling $13.6 million. The most recent of the two was Nazar Khan which borrowed $8.6 million from JPMorgan Chase secured by the 6,500-square-foot, two-unit mixed-use building (O8) on 536 West 29th Street on September 21, 2021.
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