Joan Price Rahav borrows $40M from JPMorgan Chase for multifamily property in Chelsea

Joan Price Rahav through the entity Chelsmore Apts., LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $40.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 112 residential units at 78 Seventh Avenue in Chelsea. The deal closed on December 6, 2019 and was recorded on December 12, 2019.
The property contains a total of 128,350 square feet of built space.
The average loan per unit is $357,143.
The prior debt, provided in 2015 by JPMorgan Chase, was $32 million.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $156,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link