Updated Dec 4, 2024
Chelsea Operating Inc Secures $31M Loan For Mott Haven Industrial & Chelsea Retail Buildings
656 East 133rd Street & 521 West 21st Street
$31,000,000
$118/SF
Building Size
130,600 SF
Asset Type
Industrial
Closing
Oct 10, 2023
About this deal
AI
The loan transaction took place on October 10, 2023, involving two properties located in Mott Haven, Bronx and Chelsea, Manhattan. The first property is an industrial building situated at 656 East 133rd Street with a total square footage of 149,398. The second property is a retail building located at 521 West 21st Street with a square footage of 130,600.
Summary of transaction details
- Property Type: Industrial & Retail
- Transaction Amount: $31,000,000
- Address: 656 East 133rd Street & 521 West 21st Street
- Market: Mott Haven, Bronx & Chelsea, Manhattan
- Lender: Citibank
- Landlord: Guy Roberts
Guy Roberts, representing Chelsea Operating Inc, successfully secured a $31 million loan from Citibank's Citi Real Estate Funding. The funds were obtained for the industrial building at 656 East 133rd Street in Mott Haven, Bronx, and the retail building at 521 West 21st Street in Chelsea, Manhattan.
On the Map
$31,000,000
$118/SF
Industrial
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Players
Bronx Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93