Icon Realty Management borrows $33M from Signature Bank for office property in Chelsea

Icon Realty Management through the entity 109 West 27th Street Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $33 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 109 West 27th Street in Chelsea. The deal closed on January 31, 2020 and was recorded on March 5, 2020.
The property contains a total of 43,968 square feet of built space.
The average loan per buildable square foot is $751.
The last time the property sold was July 13, 2017, when Icon bought it as part of a $141.5 million portfolio buy.

Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $4,169,176.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link