Pizzarotti IBC borrows $40M from Bank of the West for property in Chelsea

Pizzarotti IBC through the entity FPNY, LLC as borrower signed a loan agreement with lender Bank of the West valued at $40 million for 251 West 14th Street in Chelsea. The deal closed on September 12, 2019 and was recorded on September 30, 2019.
The developer is building what is expected to be a 25-unit, 11-story condominium building.

The last time the property sold was January 14, 2016, when Pizzarotti IBC bought it for $23 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 has been one new building permit application totaling 23,470 square feet. Those plans include a total of 25 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 28 residential units.
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Direct link to the city’s interactive property map, ZOLA. link

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