SL Green sells $155M construction debt on Chetrit condo to Silverstein Capital

SL Green Realty sold $155 million of construction debt to Silverstein Capital Partners which is secured by the Chetrit Group’s condominium project at 49 Chambers Street in City Hall.

The deal closed on September 2, 2020 and was recorded on September 16, 2020.
The property contains a total of 231,379 square feet of built space.

This is the Chetrit Group’s 99-unit condominium project with a current sellout price of $361 million. which is 41 percent sold out (by unit count) having sold $134 million, according to the PincusCo new condo database.  SL Green assigned the debt composed of the $85 million senior loan and a $70 million building loan to Silverstein Properties lending arm. A $33.2 million project loan was paid off at the same time, city records show.

SL Green acquired the $204 million loan in January 2019. The last time the property sold was October 23, 2013, for $91,753,406.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 99 residential units on January 25, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $33,735,900. Those filings sought to increase the number of residential units by 99 to 99 There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $806,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link