Unite Here labor union borrows $50M from Lincoln Life for office property in Chelsea

The labor union Unite Here through the entity 275 Seventh Avenue LLC as borrower signed a loan agreement with lender Lincoln Life & Annuity Company of New York valued at $50 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 275 7th Avenue in Chelsea. The deal closed on February 18, 2020 and was recorded on February 21, 2020.
The property contains a total of 548,680 square feet of built space.
The average loan per buildable square foot is $91.
A $25 million loan originated by Deutsche Bank in 2006 was paid off in 2012. This $50 million is newly issued debt, and the union paid $1.4 million in taxes.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 1, 2012.
Over the past five years, there have been 79 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 $10,000. There were 78 renovation/alteration projects (A2) applied for with a total estimated value of $29,370,732.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link