Tavros nabs refi on Meatpacking District properties it wants to redevelop

Nonghyup Bank provided $65M loan; investor still plans mixed-use complex

New York /
Jul.July 15, 2021 09:00 AM
Tavros Capital Partners' Nicholas Silvers and Dov Barnett with a rending 351 West 14th Street (Tavros, BKSK Architects)

Tavros Capital Partners’ Nicholas Silvers and Dov Barnett with a rending 351 West 14th Street (Tavros, BKSK Architects)

Tavros Capital Partners landed a $65.3 million refinancing deal for a group of Meatpacking District properties it plans to redevelop into a much larger mixed-use complex.

Seoul-based Nonghyup Bank provided the debt, which replaced an existing loan of a similar amount.

Three years ago, Tavros sought an equity partner for its proposal to redevelop its Greek Revival-style walk-up and retail properties at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street.

The current plan calls for 69 apartments and more than 60,000 square feet of commercial space. At 129,000 square feet, the complex would be more than double the size of the existing structure.

Under the plan, existing three- to four-story structures that date to the 19th century will be preserved, with their brick façades restored. A nine-story glass building will also replace a more recent addition, according to filings with the city in June.

Tavros’ properties are located in the Gansevoort Market Historic District. Last August, the city’s Landmark Preservation Commission approved the project proposal with modifications.

Tavros, led by Nicholas Silvers and Dov Barnett, acquired the properties for $105 million in 2014, according to public records. They did not return phone and email messages for comment.

Retailers and their landlords are still struggling from the effect of the pandemic. In April, the valuation of a property nearby at 415 West 13th Street fell by 70 percent to $13 million. That was after its tenant, clothing retailer AllSaints, had not paid rent at its 11,862-square-foot space since March, according to Trepp.





    Related Articles

    arrow_forward_ios
    With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
    Real estate stocks push up this week as U.S.-China trade tensions ease
    Real estate stocks push up this week as U.S.-China trade tensions ease
    416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Pastor Gregory Fryer and the Immanuel Lutheran Church at 120 and 122 East 88th Street (Getty Images, Immanuel NYC, Jim.henderson, CC0, via Wikimedia Commons)
    Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
    Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
    From left: Jay Suites' Juda Srour and 104 West 40th Street; Convene's Phoenix Porcelli and 101 Park Avenue (LoopNet, LinkedIn/Phoenix Porcelli, 101Park.com)
    Back-to-meetings spurs demand for flex space
    Back-to-meetings spurs demand for flex space
    Related Companies founder Stephen Ross and 33 Hudson Yards (Getty Images, LoopNet)
    Related eyeing sale of Equinox Hotel
    Related eyeing sale of Equinox Hotel
    RJBlock Properties' Rodney "RJ Block" Jackson and 2714-2718 Frederick Douglass Boulevard (RJBlock Properties, Apartments.com, Getty Images)
    I-sales roundup: RJ Block buys Harlem mixed-use portfolio
    I-sales roundup: RJ Block buys Harlem mixed-use portfolio
    From left: Colony Hills’ Glenn Hanson and Rosewood’s Jonathan Brody with The Royce at Trumbull (Getty, Royce at Trumbull, LinkedIn, Rosewood)
    Investors sell Trumbull apartments for $101M, 23% markup from last year
    Investors sell Trumbull apartments for $101M, 23% markup from last year
    Street Partnership's Dan Biederman with Herald Square
    “We’re not alarmed:” Herald Square retail in reverse
    “We’re not alarmed:” Herald Square retail in reverse
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...