Sam Shamie borrows $25M from New York Community Bank for property in Chelsea

Sam Shamie through the entity Dean Colin Properties LLC as borrower signed a loan agreement with lender New York Community Bank valued at $25.0 million for 2 parcels, including the tax class office building with commercial with seven to 19 stories (O6) at 114 West 26th Street, 114 West 26th Street in Chelsea. The deal closed on September 24, 2019 and was recorded on October 28, 2019.
The property contains a total of 97,005 square feet of built space.
The average loan per buildable square foot is $129.
The last time the property sold was June 14, 2004, for $22,700,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,276,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link