Greenwich Village Capital signs $13.2M refi for 16-unit rental in Chelsea

Greenwich Village Capital through the entity 151eighth Stone Lp as borrower signed a refi loan with lender Societe Generale through the entity Societe Generale Financial Corporation valued at $13.2 million for the 16-unit residential walkup building (C4) at 151 8th Avenue in Chelsea, Manhattan.
The deal closed on April 17, 2025 and was recorded on April 24, 2025. The prior lender was Roy Savelli which held debt that had an original loan amount of $11.6 million. The property has 14,375 square feet of built space and 1,507 square feet of additional air rights for a total buildable of 15,868 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $921 and the price per buildable square foot is $835 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 7, 2018, for $18.4 million. The signatory for Greenwich Village Capital was Jeffrey Bogino . The signatory for Societe Generale was Kevin Kelley .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Adam Jernow, head officer and Christian Castillo, officer. The business entity is 151eighth Stone Lp. The 14,375-square-foot property generated revenue of $1.4 million or $94 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Chelsea has 14,375 square feet of built space and 1,507 square feet of additional air rights for a total buildable of 15,868 square feet according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 100 feet deep with a total lot size of 3,967 square feet. The lot is irregular. 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 $6.9 million. The property has 3 rent regulated units according to city tax records from 2022.

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 $930 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 10 of the 19 commercial properties representing 314,003 square feet of the 387,887 square feet. The largest owner is Nyc Department Of Education, followed by Stonehenge Nyc and then Richard Kingman.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 387,887 square feet of built space are specialty buildings, with walkup buildings next occupying 27 percent of the space.

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