Elias Bochner signs $8.4M refi loan with Lument for 15-unit building in Chelsea
Elias Bochner through the entity 177 West 26 Realty, LLC as borrower signed a refi loan with lender Lument through the entity Lument Real Estate Capital, LLC valued at $8.4 million for the 15-unit residential elevator building (D5) at 177 West 26th Street in Chelsea, Manhattan.
The deal closed on August 6, 2024 and was recorded on August 12, 2024. The prior lender was Santander Bank which held debt that had an original loan amount of $8 million.The property has 25,144 square feet of built space and 24,265 square feet of additional air rights for a total buildable of 49,420 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $334 and the price per buildable square foot is $169 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 Elias Bochner was Elias Bochner. The signatory for Lument was Polina Tsaliev.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Shlome Reifer, head officer and Eleanor Patrick, officer. The business entity is 177 West 26 Realty LLC.
The property
The residential elevator building with 15 residential units in Chelsea has 25,144 square feet of built space and 24,265 square feet of additional air rights for a total buildable of 49,420 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,942 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 $5.4 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 $625 in ECB penalties and $1,035 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 block
On this tax block, PincusCo has identified the owners of 13 of the 23 commercial properties representing 714,606 square feet of the 1,325,984 square feet. The largest owner is Afiaa, followed by Bert Brander and then Chaim Simkowitz.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 26 percent of the space.
The borrower
The PincusCo database currently indicates that Elias Bochner owned at least one commercial property with 10 residential units in New York City with 24,254 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single elevator property. It is located in Manhattan.
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