RXR Realty ups recorded debt by $50M from Morgan Stanley, New York Community at Starrett-Lehigh

RXR Realty through the entity RXR SL Owner LLC as borrower signed a loan agreement with lender Morgan Stanley and New York Community Bank through the entity Morgan Stanley Mortgage Capital Holdings LLC valued at $50 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at the Starrett-Lehigh Building at 601 West 26th Street in Chelsea. The deal closed on April 6, 2020 and was recorded on April 8, 2020.
The property contains a total of 1,835,150 square feet of built space.

The current total recorded debt on the property including this filing is $885 million.

This $50 million is likelyu a portion of a reported $150 million facility earnout that the Commercial Observer reported in 2018 was part of a $900 million loan package. There was a prior earnout of $25 million recorded in August 2019. The last time the property sold was July 29, 2011, when RXR bought it for $920,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 17, 2012.
Over the past five years, there have been 152 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 152 renovation/alteration projects (A2) applied for with a total estimated value of $51,429,154.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article