The Real Deal New York

Related gets $125M loan for Chelsea development site

Developer sets neighborhood record with buy north of $700 per sf

December 30, 2014 11:37AM
By Mark Maurer

related-chelsea

From left: 511 West 18th Street and 131 10th Avenue in Chelsea, and Related’s Jeff Blau (credit: Chris Martin)

The Related Companies secured $125 million in financing for a West Chelsea development site just south of the Hudson Yards megaproject, according to property records filed with the city yesterday. The developer closed on the $205 million purchase of a two-story parking garage and parking lot, thus setting a neighborhood record at more than $700 per square foot.

The New York branch of German financial-services giant Deutsche Bank AG provided the loan.

Investors Barry Haskell and Matthew Resnicoff and partners sold the 46,000-square-foot building at 511-525 West 18th Street and a 23,000-square-foot lot at 131 10th Avenue.

Related entered into contract on the properties in April, records show. The deal closed last week.

A representative for Related could not be immediately reached. Related’s development plans are unknown.

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