Timber Equities signs $33M acquisition loan with Genesis LLC for dev site in Chelsea

Timber Equities through the entity 341 W 25th L.P. as borrower signed a acquisition loan with lender Genesis LLC through the entity NEG Financing 4 LLC valued at $33 million for a development site at 329 to 343 West 25th Street in Chelsea, Manhattan. Timber Equities bought the properties from a Roman Catholic church for $48.2 million.
The deal closed on July 25, 2025 and was recorded on August 4, 2025. The three properties have 47,022 square feet of built space and 71,844 square feet of additional air rights for a total buildable of 118,901 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $701 and the price per buildable square foot is $277 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 Timber Equities was Joseph Seidenfeld . The signatory for Genesis LLC was Ezra Husney .

According to the JLL marketing material for the sale of the properties, “The entire site is located within the R8 zoning district, which allows for residential and/or community facility as-of-right. In total, the site allows for approximately 128,375 BSF at the 6.5 FAR allowed under the zoning district. Given the expansive frontage and combined footprint, the site allows for a myriad of potential residential massing options.”

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has 1.5 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The borrower

The PincusCo database currently indicates that Timber Equities owned at least five commercial properties with 324 residential units in New York City with 98,947 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $120.8 million in debt, borrowed from Bank Hapoalim and Webster Bank. Within the portfolio, the bulk, or 59 percent of the 98,947 square feet of built space are D6 properties, with elevator properties next occupying 39 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 39 percent of the space.

Direct link to Acris document. link