Maverick buys $5M note secured by mixed-use in Chelsea

Maverick Real Estate Partners through the entity 7th Avenue Mixed Use LLC bought a note with an original principal of $5 million from BankUnited secured by a hotel (H9) at 297 7th Avenue in Chelsea, Manhattan. Salvatore Gaudio was the signatory for the most recent loan on the property.
The deal closed on July 15, 2021 and was recorded on July 26, 2021.
The property has 4,800 square feet of built space and 18,603 square feet of additional air rights for a total buildable of 23,400 square feet according to PincusCo analysis of city data. PincusCo’s calculations are based on available data, and as for all parcels there could be unrecorded air rights transfers.
The owner bought the property on 19-Mar-08, for $5.1 million.

Within a 400-foot radius of 297 7th Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on May 13, 2020 for a 72,696-square-foot commercial B building with no residential unit residential units at 322 7th Avenue.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 20, 2020 for the $3.5 million renovation of 0-square-foot R-2 building with 37 residential units at 211 West 28th Street.
Of those nine items, two were sales above $5 million totaling $15 million. The most recent of the two was American Guild Of Musical Artists, Inc. which bought one condo unit in the 7,883-square-foot, 35-unit mixed-use building (RC) on 301 7th Avenue for $7.5 million from Sheltering Arms Children and Family Services on October 14, 2020.
Of those nine items, five were loans above $5 million totaling $156.2 million. The most recent of the five was a $15.5 million from Amerasia Bank secured by the 28,250-square-foot, 20-unit co-op (D0) on 146 West 28th Street on February 12, 2021.

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