Himmel + Meringoff signs $27M refi with Capital One for office building in Chelsea
Himmel + Meringoff Properties through the entity 400 Eighth Avenue Owners LLC as borrower signed a refi loan with lender Capital One valued at $27 million for the office building (O3) at 400 8th Avenue in Chelsea, Manhattan.
The deal closed on December 8, 2021 and was recorded on January 3, 2022.
The property has 76,637 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $352 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 Himmel + Meringoff Properties was Stephen J. Meringoff. The signatory for Capital One was Paul Verdi.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1.8 million.
Stephen J. Meringoff is a managing partner of Himmel + Meringoff Properties.
Within a 400-foot radius of 400 8th Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit issued on June 22, 2020 for a 59,697-square-foot R-2 building with 80 residential units at 300 West 30th Street.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 13, 2020 for the $728,040 renovation of 0-square-foot R-2 building with three residential units at 383 8th Avenue.
Of those 10 items, four were sales above $5 million totaling $1.9 billion. The most recent of the four was Ilio Mavlyanov which bought the 5,808-square-foot, 10-unit rental (C1) on 315 West 29th Street for $6.4 million from Francisco Augspach on September 8, 2021.
Of those 10 items, four were loans above $5 million totaling $70.2 million. The most recent of the four was Joyland Management which borrowed $13.8 million from Dime Community Bank secured by the 37,372-square-foot, eight-unit office building (O6) on 253 West 28th Street on December 30, 2021.
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