Gotham Organization Secures $247M Construction Loan For Mixed-Use Property On 10th Avenue | 510 West 42nd Street (Cachet Hotel) | Taconic Capital Advisors | Christopher (Chris) Herron, Robert Verrone | Mixed-use | Loan

Summary

Loan

NEW YORK

Mixed-use

24,850 sqft

The mixed-use property located at 550 10th Avenue in the Clinton - Hell's Kitchen market has been involved in a recent closed loan transaction. The property spans approximately 430,000 square feet and consists of 453 units.

Summary of transaction details

Property Type: Mixed-use
Transaction Amount: $247,000,000
Loan Type: Construction
Far: 6.20
Tax Class: 4
Lot Size: 15,939
Lot Dimension: 197.6 ft x 100 ft

In this transaction, the loan was provided by Wells Fargo, US Bank, and Lionheart Strategic Management. The landlord of the property is Gotham Organization, represented by Joel Picket and David Picket.

Players

All
4

Agents
2
Agencies
1
Lenders
1

Christopher (Chris) Herron

Managing Director

Robert Verrone

Principal

$815M Sold

Iron Hound Management Company

Taconic Capital Advisors

Details

Deal Summary

FINANCED

IMAGE: Joel Picket & David Picket DATE: 11/16/2021 ADDRESS: 550 10th Avenue MARKET: Clinton - Hell's Kitchen ASSET TYPE: Mixed-use ~ SF: 430,000 ~ UNITS: 453 LENDER: Wells Fargo, US Bank & Lionheart Strategic Management LANDLORD: Gotham Organization - Joel Picket & David Picket LOAN AMOUNT: $247,000,000 LOAN TYPE: Construction FAR: 6.20 TAX CLASS: 4 LOT SIZE: 15,939 LOT DIMENSION: 197.6 ft x 100 ft

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Address510 West 42nd Street (Cachet Hotel)

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