Hoffman Management signs $26M refi for London Terrace complex in Chelsea

Hoffman Management through the entity London Terrace Gardens, L.P. as borrower signed a refi loan with lender Santander Bank valued at $26 million for the 921-unit rental (D9) at 415 West 23rd Street in Chelsea, Manhattan.

The deal closed on April 22, 2021 and was recorded on May 5, 2021.

The property has 975,170 square feet of built space and 0 square feet of additional air rights for a total buildable of 653,922 square feet according to PincusCo analysis of city data. The loan price per built square foot is $26 per the PincusCo analysis.
The signatory for Hoffman Management was Steven Hoffman. Steven Hoffman owns Hoffman Management.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 193 residential units on October 3, 2017.

The owners according to the Department of Housing Preservation and Development includes Steven Hoffman, head officer and Shirley Shapiro, head officer. The business entities are Rose Associates, Inc. and London Terrace Gardens Lp.

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