RoundSquare Development and VM Properties Group signed a $13.8 million construction and acquisition loan with the private equity lender Urban Standard Capital for the development of a high-end Chelsea condominium at 227 West 19th Street, according to a representative for the lender.
The developers, RoundSquare Development and VM Properties Group, plan to turn the existing two-story commercial building into a luxury condominium with five full-floor residential units with private outdoor space and private elevator landings.
The loan closed on October 19, 2023, and has not yet been recorded. The loan broker was Michael Horowitz of Cooper Horowitz.
Last month, RoundSquare Development and VM Properties Group through the entity 227w19owner LLC paid $6 million to Jerome T. Falk through the entity Janell Holding Corporation for the development site. The sale closed on October 17, 2023 and was recorded on October 25, 2023.
RoundSquare Development through its affiliated construction management company RoundSquare Builders, plans to construct a high-end condominium building with approximately 11 units and approximately 25,000 square feet, according to Robert Kaliner, principal with RoundSquare. The project will include one townhouse as well as apartment units.
According to the lender, in the past six week, Urban Standard Capital has closed $145 million in loans including 227 West 19th Street for $13.8 million, at 625 New York Avenue also known as 447 Fenimore in Brooklyn for $34 million, at 827 Sterling Place in Brooklyn for $38.5 million, at a Montauk assemblage for $28 million and a condo construction loan in Gravesend, Brooklyn for $32 million.
In Chelsea, The bulk, or 36 percent of the 52.4 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 6th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2 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.
On this tax block, PincusCo has identified the owners of 11 of the 33 commercial properties representing 87,472 square feet of the 296,636 square feet. The largest owner is Suk Park, followed by Snir David and then Sabet Group.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 296,636 square feet of built space are walkup buildings, with office buildings next occupying 13 percent of the space.
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