Namdar, and Empire Capital sign $78M acquisition loan with Benefit Street Partners for office properties in Chelsea

Namdar Realty Group and Empire Capital Holdings through the entity 7th City Realty LLC and another as borrower signed an acquisition loan with lender Benefit Street Partners through the entity BSP Of Finance LLC valued at $78 million for four properties including the office building (O4) at 345 7th Avenue in Chelsea, Manhattan, mixed-use building (K4) at 341 7th Avenue in Chelsea, Manhattan, and retail building (K9) at 167 West 29th Street in Chelsea, Manhattan.
The deal closed on September 2, 2021 and was recorded on September 17, 2021.
The four properties have 209,816 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $371 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 Namdar Realty Group and Empire Capital Holdings was Todd R. Pajonas and Abraham Khalili.

The prior debt was $8 million provided by Capital One.

Within a 400-foot radius of 341 7th Avenue, PincuscCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on July 13, 2021 for a 135,003-square-foot S-1 building at 155 West 29th Street.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 15, 2021 for the $328,000 renovation of 332,383-square-foot B building with no residential units at 370 7th Avenue.
Of those eight items, three were sales above $5 million totaling $97 million. The most recent of the three was Davis Companies which bought the 5,777-square-foot, three-unit mixed-use building (K4) on 165 West 29th Street and one other property for $36.5 million from Abraham Moshel on April 1, 2021.
Of those eight items, two were loans above $5 million totaling $159.4 million. The most recent of the two was Davis Companies which borrowed $84.4 million from Santander Bank secured by the 5,777-square-foot, three-unit mixed-use building (K4) on 165 West 29th Street and one other property on July 20, 2021.

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