RIMCO Secures $39M Loan For Chelsea Office Building With Citigroup As Lender

The property involved in this transaction is located at 335 W. 16th Street in the Chelsea neighborhood of Manhattan. It is an office building with a prime location, situated directly across the street from Google's massive campus. The building is also in close proximity to the Dream Downtown Hotel and the Maritime Hotel, which offer top-tier dining and nightlife options. The property is primarily used by the School of Visual Arts NYC for its Fine Arts Department, and the institution recently renewed its lease for a 20-year term without any termination options.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $39,000,000
• Market: Chelsea
• Lender: Citigroup - Eric Mirvis
• Landlord: RIMCO - Itzhak Levi & David Fine
• Broker: Steven Sperandio & Matthew Shatz @B6RealEstate Advisors
• Loan Terms: 10-Year Loan Term, Full-Term Interest Only

B6's Partner & Senior Managing Director, Steven Sperandio, and Managing Director Matt Shatz played a key role in securing a $39,000,000 loan for RIMCO LLC's property at 335 West 16th Street. The loan was provided by Eric Mirvis of Citigroup. The property's location in the Chelsea neighborhood, with its close proximity to Google's campus and renowned hotels, makes it a highly desirable asset. The School of Visual Arts NYC uses the building for its Fine Arts Department and has demonstrated significant growth both before and after the COVID-19 pandemic.