Robert Gilardian borrows $28M from Valley National Bank for multifamily property in Chelsea

Robert Gilardian through the entity 119-125 Seventh Avenue Realty, LLC as borrower signed a loan agreement with lender Valley National Bank valued at $27.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 55 residential units at 119 7th Avenue in Chelsea. The deal closed on November 26, 2019 and was recorded on December 20, 2019.
The property contains a total of 53,123 square feet of built space. The property has 77,431 square feet of available development rights.
The average loan per unit is $500,000.
The last time the property sold was February 13, 2014, when Gilardian bought it for $35,740,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 55 residential units on September 19, 2013.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $100,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $294,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link