Timber Equities Acquires Chelsea Development Site From Catholic Church; 33M Genesis LLC Acquisition Loan
329 West 25th Street & 343 West 25th Street
$33,000,000
$702/SF
Building Size
47,022 SF
Asset Type
Development Site
Closing
Jul 25, 2025
AI
A Development Site in Chelsea, Manhattan, spanning 47,022 SF at 329 West 25th Street and 343 West 25th Street, was purchased for $48.2 million and financed with a $33 million acquisition loan from Genesis LLC.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $33,000,000
- Property Address: 329 West 25th Street & 343 West 25th Street
- Market: Chelsea, Manhattan
- Asset Size: 47,022 SF
- Lender: Genesis LLC
- Landlord: Joseph Seidenfeld - Timber Equities
The deal involves Joseph Seidenfeld as landlord via Timber Equities, with imagery featuring Seidenfeld alongside Pope Leo XIV.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · All transaction types transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93