Empire Management signs $21.5M refi loan with Derby Copeland for 31-unit rental in Chelsea

Empire Management through the entity Chelsea 261 W21-Rt LLC as borrower signed a refi loan with lender Derby Copeland Capital through the entity Fcr Dc Jv Holdings LLC valued at $21.5 million for the 31-unit residential elevator building (D7) at 216 8th Avenue in Chelsea, Manhattan.
The deal closed on April 30, 2026 and was recorded on May 6, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $12.2 million. The property has 32,325 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $665 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 November 30, 2004, for $15.2 million. The signatory for Empire Management was Fred Ohebshalom . The signatory for Derby Copeland Capital was Jesse Hutcher .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ramin Shalom, head officer and E Polanco, site manager. The business entity is Chelsea 8th Avenue Llc. The 32,325-square-foot property generated revenue of $2.6 million or $81 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 31 residential units in Chelsea has 32,325 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 100 feet deep with a total lot size of 7,000 square feet. The zoning is C1-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.1 million. Derby Copeland Capital on April 30, 2026 bought a loan with an original principal of $12.2M from Flagstar Bank signed by Meghan Nosworthy , secured by 216 8th Avenue, when owned by Empire Management . The property has 7 rent regulated units according to city tax records from 2024.

Transaction Participants

Nicholas T. Donovan at Donovan LLP participated in the transaction on behalf of the lender.

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 $600 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 15 of the 20 commercial properties representing 306,819 square feet of the 343,945 square feet. The largest owner is S.W. Management, followed by Empire Management and then Sabet Group.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 343,945 square feet of built space are walkup buildings, with elevator buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Empire Management owned at least 38 commercial properties with 1,168 residential units in New York City with 1,515,490 square feet and a PincusCo-determined asset value of $706.4 million. The portfolio has $429.7 million in debt, with top three lenders as Barclays, Santander Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 71 percent of the 1,515,490 square feet of built space are elevator properties, with office properties next occupying 9 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Queens next at 3 percent of the space.

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