S.W. Management signs $27.5M refi loan with Signature Bank for residential elevator in Chelsea

196 7th Avenue (Credit - Google)

S.W. Management through the entity 212 W. 22 Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $27.5 million for the 77-unit residential elevator building (D7) at 196 7th Avenue in Chelsea, Manhattan.
The deal closed on August 10, 2022 and was recorded on August 19, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $25.6 million. The property has 76,450 square feet of built space and 9,736 square feet of additional air rights for a total buildable of 86,194 square feet according to PincusCo analysis of city data. The loan price per built square foot is $359 and the price per buildable square foot is $319 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 S.W. Management was Alan Wasserman. The signatory for Signature Bank was Konstantinos Venetsanakos.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Scott Goldenberg, head officer and David Berger, site manager. The business entity is 212 W. 22 Realty Llc. The 76,450-square-foot property generated revenue of $3 million or $39 per square foot, according to the most recent income and expense figures.

The property

The 196 7th Avenue parcel has frontage of 123 feet and is 120 feet deep with a total lot size of 14,318 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The property has a J-51 exemption that started in 2008 and expires in 2042. The city-designated market value for the property in 2022 is $16.4 million.

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Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 20 commercial properties representing 251,806 square feet of the 343,945 square feet. The largest owner is S.W. Management, followed by Empire Management and then Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 343,945 square feet of built space are walkup buildings, with elevator buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that S.W. Management owned at least 214 commercial properties in New York City with 6,486,541 square feet and a city-determined market value of $1.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $453.6 million in debt, with top three lenders as Signature Bank, Deutsche Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 65 percent of the 6,486,541 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.

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