New York Foundling signs $15M refi loan with TD Bank for office in Chelsea

New York Foundling through the entity The New York Foundling as borrower signed a refi loan with lender TD Bank valued at $15 million for the office condo at 590 Avenue Of The Americas in Chelsea, Manhattan.
The deal closed on December 11, 2024 and was recorded on December 17, 2024. The prior lender was TD Bank which held debt that had an original loan amount of $15 million.The property has 50,046 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $299 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 New York Foundling was Ellen Levine. The signatory for TD Bank was Scott Wentnick.

The property

The office condo in Chelsea has 50,046 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 50,046 square feet. The city-designated market value for the property in 2022 is $20.2 million.

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 not received any significant violations 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 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Chelsea has 1.8 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one 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 12 of the 26 commercial properties representing 467,824 square feet of the 976,921 square feet. The largest owner is Thomas Vogel, followed by Pan Am Equities and then Winter Equities.
On the tax block, there was one new building construction project filed totaling 41,220 square feet. It is a 23-unit, 41,220 square-foot residential (R-2) building submitted by Anbau, Inc. and filed by James Treacy with plans filed November 9, 2023 and it has not been permitted yet.

The majority, or 70 percent of the 976,921 square feet of built space are office buildings, with elevator buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that New York Foundling owned at least one commercial property in New York City with 49,300 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio has $16.8 million in debt, borrowed from TD Bank. The portfolio consists of at least a single specialty property. It is located in Bronx.

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