The Real Deal New York

Lalezarian lands $220M financing package for West Chelsea resi complex

The lender is Wells Fargo
By Christian Bautista | September 20, 2018 05:29PM

509 West 28th Street (Credit: Google Maps)

Lalezarian Properties landed a $220 million financing package for 507 West Chelsea, a three-building complex that spans 10th Avenue between 28th and 29th Streets.

The new debt replaces $165 million in bonds that New York State Housing Finance Agency provided in 2013, according to mortgage documents filed with the city Thursday. Wells Fargo acquired $135 million in previous bonds and assumed $85 million in newly issued debt from HFA.

The complex, designed by Avinash K. Malhotra Architects, spans about 400,000 square feet and contains 375 apartments. The biggest property in the assemblage is 507 West 28th Street, a 35-story tower along 10th Avenue.

Lalezarian owns a number of buildings on the West Side of Manhattan. Its portfolio includes 515 West 36th Street, a 38-story, 250-unit apartment building, and 606 West 30th Street, a 37-story residential tower. It expanded its holdings in Manhattan last month with the $25 million acquisition of 22 East 56th Street.

Kevin Lalezarian, the firm’s principal, did not immediately return a request for comment.