CBSK Ironstate borrows $33M from Deutsche Bank for Chelsea29 rental

Chelsea29 rental building at 211 West 29th Street (Credit: Google)

CBSK Ironstate through the entity 221 W 29 Residential LLC as borrower signed a loan agreement with lender Deutsche Bank through the entity DBR Investments Co. Limited valued at $32.5 million for 2 parcels, including the tax class multifamily, fireproof – with stores (D6) at 221 West 29th Street in Chelsea. The deal closed on October 15, 2019 and was recorded on October 28, 2019.
CBSK Ironstate is a joint venture of Ironstate Development, Charles Blaichman’s CB Developers and SK Development.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 95 residential units on November 2, 2017.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,355,000. Those plans include a total of 95 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Clarification: This post was updated to include the entire joint development team name and all its members. The previous version of this post included only Ironstate Development.

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