Greystar signs $112M refi with Guardian Life for 204-unit rental in Chelsea

Greystar through the entity Gs Chelsea II Property Owner LLC as borrower signed a refi loan with lender Guardian Life Insurance Company of America through the entity The Guardian Life Insurance Company Of America valued at $112 million for the 204-unit residential elevator building (D8) at 160 W 24th Street in Chelsea, Manhattan.
The deal closed on October 7, 2025 and was recorded on October 21, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $112.6 million.The property has 212,134 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $527 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 June 27, 2022, for $245 million. The signatory for Greystar was James Edward Reynolds . The signatory for Guardian Life Insurance Company of America .

Prior sales and revenue

The 212,134-square-foot property generated revenue of $16 million or $75 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 204 residential units in Chelsea has 212,134 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 154 feet and is 150 feet deep with a total lot size of 18,415 square feet. The lot is irregular. The zoning is C6-3X which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $86.3 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 $800 in ECB penalties and $9,515 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 12 of the 21 commercial properties representing 726,510 square feet of the 804,267 square feet. The largest owner is Magna Hospitality Group, followed by Greystar and then Mack Real Estate Group.
On the tax block, there was one new building construction project filed totaling 140,548 square feet. It is a 510-unit, 140,548 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed September 6, 2017 and permitted January 31, 2018.

The majority, or 32 percent of the 804,267 square feet of built space are hotel buildings, with office buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Greystar owned at least two commercial properties with 470 residential units in New York City with 506,112 square feet and a city-determined market value of $173.1 million. (Market value is typically about 50% of actual value.) The portfolio has $112.6 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.

Direct link to Acris document. link