Silverstein Properties signs $14.2M refi with Bank of America for rental in Hell’s Kitchen
Silverstein Properties through the entity River Place II Ch LLC as borrower signed a refi loan with lender Bank of America valued at $14.2 million for the 107-unit rental condo at 533 11th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on January 23, 2025 and was recorded on January 28, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $14.6 million.The property has 76,582 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $186 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 Silverstein Properties was Michael Levy. The signatory for Bank of America was Jessica Fritts.
The property
The rental condo with 107 residential units in Hell’s Kitchen has 76,582 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 76,582 square feet. The property has a 421A exemption that started in 2012 and expires in 2022. The city-designated market value for the property in 2022 is $26.5 million. The most recent loan totaled $14.6 million and was provided by M&T Bank on November 1, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on August 6, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 887,879 square feet on the block.The identified owner is Silverstein Properties.
There are no active new building construction projects on this tax block.
All properties are elevator.
The borrower
The PincusCo database currently indicates that Silverstein Properties owned at least 10 commercial properties with 1,691 residential units in New York City with 13,389,014 square feet and a city-determined market value of $4.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.9 billion in debt, with top three lenders as New York Liberty Development Corporation, Wells Fargo, and Bank of New York Mellon as trustee respectively. Within the portfolio, the bulk, or 90 percent of the 13,389,014 square feet of built space are office properties, with elevator properties next occupying 9 percent of the space. They are all located in Manhattan.
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