Spear Street signs $212.1M acquisition loan with Bank of America for office buildings in Chelsea

Spear Street Capital through the entity 635 AoA Owner, LLC, as borrower signed an acquisition loan with lender Bank of America valued at $212.1 million for two office buildings including the office building (O6) at 641 Sixth Avenue in Chelsea, Manhattan and office building (O6) at 635 Sixth Avenue in Chelsea, Manhattan.
Spear Street bought the two buildings in June 2021 for $325 million from SL Green Realty.
The deal closed on September 29, 2021 and was recorded on October 20, 2021.
The two properties have 226,536 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $936 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 Spear Street Capital was John S. Grassi.
(121544999)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 8, 2015.
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