Chelsea Tower Gets a Refi

NEW YORK CITY—Richard Bassuk, president of the Bassuk Organization and CEO of the Greystone Bassuk Group, has announced the closing of a nearly $74 million permanent loan for Chelsea Tower, a 33-story, 228-unit luxury apartment building located on the west side of Avenue of the Americas at 100 W. 26th St. The building also contains approximately 16,000 square feet of retail space and a parking garage. 

[Editors Note: While Bassuk Singer still exists, principals Richard Bassuk and Andrew Singer have gone their separate ways, GlobeSt.com has learned. Meanwhile, Bassuk retained his eponymous firm and also formed a joint venture to create the Greystone Bassuk Group].

The loan terms included 20-year permanent financing, with 35-year amortization, for S&P/DM 26 Development, LLC, a limited liability company comprised of members of the Steinberg and Pokoik families and the DeMatteis Organizations. Financing was provided by Teachers Insurance and Annuity Association of America. The Bassuk Organization had previously placed the construction loan and the original permanent financing for the borrower in 2001 and 2004, respectively. 

Says Bassuk, “In arranging the financing, we were seeking long-term financing to take advantage of the current interest rate environment. We explored both 35-year FHA financing, as well as multiple long-term conventional financing options with major insurance companies.”

Michael Steinberg, president of Steinberg & Pokoik Management Corp., adds, “Bassuk once again acted as our financial advisor and his team, led by Drew Fletcher with strong support from Evelyn Savino, provided comprehensive advice regarding project financing, and worked closely with our legal team to close the loan. They provided us with extremely attractive offers from various lenders.” 

Notes Alan Sullivan, EVP of DeMattes, “We are delighted with the results achieved and have always found that the Bassuk Organization provides owners/developers with the highest level of service available in the industry.”

Ray Savino, CFO of the DeMatteis Organizations, says  “The services Richard and his team provide include not only insight and knowledge of the lending community, but also expert analytical, processing and closing services, with hands-on attention to all relevant details.”