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.
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.