Updated Oct 15, 2026
T&E Development Secures $20.1 Million Acquisition Loan From Bank Hapoalim For Chelsea Properties
542 West 29th Street, 544 West 29th Street, 538 West 29th Street & 540 West 29th Street
$20,100,000
$219/SF
Building Size
22,941 SF
Asset Type
Development Site
Closing
Aug 20, 2026
About this deal
AI
The transaction involves a development site located at 542-544 West 29th Street, 538 West 29th Street, and 540 West 29th Street in the Chelsea market of Manhattan. The site encompasses a total square footage of 22,941 and features a loan amount of $20,100,000 secured for acquisition purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,100,000
- Lender: Bank Hapoalim (BHI)
- Landlord: Einav Gelberg & Tomer Erlich - T&E Development
- Date: 08/20/2026
Einav Gelberg and Tomer Erlich, representing T&E Development, are the key individuals in this transaction, managing the acquisition of the properties detailed above. This acquisition loan from Bank Hapoalim marks a significant financial engagement for the development team in the Chelsea area.
On the Map
$20,100,000
$219/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93