Warren Hammerschlag borrows $8M from First Republic Bank for multifamily property in Chelsea

Warren Hammerschlag through the entity Chelsea Townhouse LLC as borrower signed a loan agreement with lender First Republic Bank valued at $8 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) at 318 West 20th Street in Chelsea. The deal closed on June 29, 2020 and was recorded on July 20, 2020.
The property contains a total of 5,414 square feet of built space. The property has 6,914 square feet of available development rights.
The average loan per buildable square foot is $803.
The last time the property sold was February 6, 2017, for $7,375,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $479,425. There was one renovation/alteration project (A2) applied for with a total estimated value of $96,560.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link