$9.4MM PERMANENT LOAN FOR PRIME CHELSEA OFFICE PROPERTIES
7 year fixed-rate financing
Strategic location in the Chelsea neighborhood of Manhattan
Strong historical occupancy and performance
Cronheim Mortgage secured $9,400,000 in financing for two, 12-story office buildings with first floor retail in the Chelsea neighborhood of Manhattan. The two properties, located at 147 West 25th Street (45,500 sf) and 130 West 29th Street (48,000 sf), were constructed shortly before World War I and have the desirable structural attributes of that period including generous ceiling heights of 14 feet on the ground and second floors, and 12 feet on the upper levels. The buildings are currently undergoing renovations and being repositioned to accommodate higher grade users as this area has changed dramatically over the last 20 years.
The subject properties have experienced strong historical occupancy from a variety of office users which include a general contractor, litigation consultants, event management firms, a recording studio, antique restoration service provider, and graphic designer, among many others. They enjoy an excellent location just 4 blocks from one another in between 6th and 7th Avenues.
Both properties are managed by Meyer Equities, a newly formed and privately owned real estate investment firm founded by principals with over 50 years of commercial real estate experience.