Koeppel Rosen LLC signs $10M refi with Customers Bank for office in Chelsea

Koeppel Rosen LLC through the entity Nstc Spe LLC as borrower signed a refi loan with lender Customers Bank through the entity Customers Bank valued at $10 million for the office building (O6) at 122 West 27th Street in Chelsea, Manhattan.
The deal closed on April 2, 2026 and was recorded on April 8, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $9.1 million.The property has 117,291 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $85 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 Koeppel Rosen LLC was David Koeppel .

Prior sales, articles and revenue

The 117,291-square-foot property generated revenue of $4.6 million or $39 per square foot, according to the most recent income and expense figures.

The property

The office building in Chelsea has 117,291 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 98 feet deep with a total lot size of 9,752 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $16.7 million. Customers Bank on April 2, 2026 bought a loan with an original principal of $9.1M from Blackstone Group signed by Jonathan Roberts , secured by 122 West 27th Street, when owned by Koeppel Rosen LLC .

Transaction Participants

Jothy Narendran at Jaspan Schlesinger Narendran LLP participated in the transaction on behalf of the lessee .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $400 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 1.9 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 40 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 15 of the 23 commercial properties representing 812,615 square feet of the 1,325,984 square feet. The largest owner is Rosen Equities, followed by Two Kings Real Estate and then Afiaa.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Koeppel Rosen Llc owned at least one commercial property in New York City with 150,686 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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