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
    Main-MainImage_.psd FT-Thumbnail_.psd
    Blackstone to net $4B profit in sale of Vegas casino
    Blackstone to net $4B profit in sale of Vegas casino
    Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
    Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
    Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
    290 Motor Parkway, the office of Flexible Business Systems (Getty, Google Maps)
    Long Island IT company wants to build ice rink for employees
    Long Island IT company wants to build ice rink for employees
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    NYC City Council passes bill forcing hotels to dish out severance pay
    NYC City Council passes bill forcing hotels to dish out severance pay
    NYC City Council passes bill forcing hotels to dish out severance pay
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    arrow_forward_ios

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

    Loading...