Transaction amount: $$40,000,000
Prince Realty arranged a $40 million First Mortgage loan on behalf of HAP Investment via Madison Realty Capital. The property is comprised of three contiguous lots at 215, 217, and 219 West 28th Street and includes additional air rights from two adjacent properties. The site offers 75 feet of frontage along West 28th Street and extends 100 feet to the north towards West 29th Street. Combined, the site allows for an as-of-right development totaling approximately 93,000 SF. In addition, the borrower can take advantage of an inclusionary housing bonus to expand the property to a total FAR of 12.0.
First Mortgage Loan - Chelsea Development
215, 217 and 219 West 28th Street, New York NY 10001