Vinbaytel Property gets $15M construction loan from Popular Bank for project in Chelsea

Vinbaytel Property Development through the entity 128 West 26 Street Development LLC as borrower signed a loan agreement with lender Popular Bank valued at $15.2 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 128 West 26th Street in Chelsea. The deal closed on December 22, 2020 and was recorded on March 22, 2021.

This is a new construction loan for Vinbaytel. The last time the property sold was July 17, 2017 for $10,150,000.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been one new building permit application Those plans include a total of 13 residential units.

There has been one demolition project filed for the parcels over the past five years.

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