Hidrock Realty borrows $27M from Ladder Capital for multifamily property in Chelsea

Abraham J. Hidary’s Hidrock Realty through the entity 146-150 Tenth Associates LLC as borrower signed a loan agreement with lender Ladder Capital Finance valued at $26.5 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 46 residential units at 146 10th Avenue, 148 10th Avenue, 150 10th Avenue in Chelsea. The deal closed on February 28, 2020 and was recorded on March 11, 2020.
The property has 36,140 square feet of available development rights.
The average loan per unit is $477,970.
This loan package includes a $4.5 million building loan for rehabilitation. The last time the property sold was February 27, 2015, for $16,150,000, when Hidrock bought it.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,561,735.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link