Adrian Edery & Sara Frankel Of Paradigm Commercial Real Estate Secures $9.76M Loan For Chelsea Retail
257 West 17th Street
$9,757,000
$793/SF
Building Size
12,300 SF
Asset Type
Retail
Closing
Aug 24, 2025
About this deal
AI
The property asset is located at 257 West 17th Street in Chelsea, Manhattan. It is a retail space with a square footage of 12,300. The transaction involved a loan amount of $9,757,000 for construction purposes, with terms set at a 5-year fixed rate, 24 months interest-only payments, no prepayment penalty, and 80% loan-to-cost ratio.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,757,000
- Loan Type: Construction
- Loan Terms: 5yr Fixed, 24 months IO, No Prepayment Penalty, 80% LTC
- Address: 257 West 17th Street
- Market: Chelsea, Manhattan
- Square Footage: 12,300
The key individuals involved in the transaction are brokers Adrian Edery and Sara Frankel, representing Paradigm Commercial Real Estate. They facilitated the deal, ensuring the process met the requirements for the construction loan. Their expertise in the market played a vital role in securing the financing for the property.
On the Map
$9,757,000
$793/SF
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.63%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93