Wasserstein Enterprises signs $19.9M refi for office in Chelsea
Wasserstein Enterprises through the entity Wasserstein Enterprises L.L.C. as borrower signed a refi loan with lender Apple Bank for Savings valued at $19.9 million for the office building (O6) at 115 West 18th Street in Chelsea, Manhattan.
The deal closed on December 7, 2023 and was recorded on December 15, 2023. The prior lender was Apple Bank for Savings which held debt that had an original loan amount of $44.5 million.The property has 228,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $87 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 Wasserstein Enterprises was Rita Wasserstein Warner. The signatory for Apple Bank for Savings was Howard Hsu.
The property
The office building in Chelsea has 228,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 201 feet and is 184 feet deep with a total lot size of 37,044 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $80.7 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,090 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial rehab certificate of occupancy on August 29, 2018. 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 36 percent of the 52.4 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 $2.3 billion in sales volume in the last two years. For development, Chelsea has 2.2 times the average amount of major developments relative to other neighborhoods and is the 15th 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
On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 211,489 square feet of the 500,989 square feet. The largest owner is Urban Standard Development, followed by Sabah Shemel and then Consolidated Edison.
On the tax block, there was one new building construction project filed totaling 12,115 square feet. It is a seven-unit, 12,115 square-foot residential (R-2) building submitted by Seth Weissman with plans filed March 24, 2016 and permitted August 13, 2019.
The majority, or 61 percent of the 500,989 square feet of built space are office buildings, with retail buildings next occupying 27 percent of the space.
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