The Real Deal New York

Dalan Management, Elion Partners land $55M loan for Chelsea purchase

M&T Bank is the lender
By Christian Bautista | October 04, 2018 06:00PM

From left: Dalan Management’s Danny Wrublin (blue), 102-116 Eighth Avenue, and, Elio Partners’ Shlomo Khoudari (yellow)(Credit: LinkedIn and Wikipedia)

Dalan Management and Elion Partners landed a $55 million mortgage for its acquisition of a residential and retail assemblage across from Google’s office building.
The partners acquired the properties, collectively called the “Chelsea Collection,” for $83 million earlier this week. The package, with the address of 102-116 Eighth Avenue, spans 115,000 square feet and contains 102 apartments and 10 retail spaces. The previous owner, the Brodsky Organization, acquired the buildings in 1994. The property is just across the former Port Authority building at 111 Eighth Avenue, which Google acquired for $1.9 billion in 2010.
The acquisition marks Dalan and Elion’s second joint purchase in New York. Last June, the firms acquired 2568 Broadway, a 67-unit apartment building at the corner of West 97th Street in the Upper West Side.
The loan in Chelsea replaces a $6.5 million M&T Bank mortgage from 2013. The new debt, also from M&T, includes $48.5 million in new financing. The loan package includes a $4.2 million construction loan and $3.6 million to cover soft costs.
Dalan and Elion did not immediately return requests for comment.