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Chelsea Condo Wins Construction Financing

NEW YORK CITY-650 Partners LLC plans a renovation of an existing loft at 650 Sixth Ave. in the Chelsea/Flatiron district. The company's $45.4-million acquisition loan will convert to a nearly $71-million construction loan.

By Barbara Jarvie | Updated on March 09, 2005

NEW YORK CITY-650 Partners LLC plans a condo conversion in the Chelsea/Flatiron district submarket at 650 Sixth Ave. and West 20th St. The firm will renovate the existing loft building into a mixed-use, condominium complex.

Hypo Real Estate Capital Corp., the New York-based subsidiary of Hypo Real Estate Bank International, closed an initial $45.4-million six-month acquisition loan which will convert to a nearly $71-million construction loan.

The 110,000-sf building is currently a six-story structure. Upon conversion and renovation, the developer will add a seventh floor, which will contain approximately seven residential condominium units, averaging 1,576 sf. Plans are also under way to convert floors two through six into residential condominium space, with units averaging 1,207 sf. The ground floor will continue to contain retail space. It is currently 100% leased to Kinko’s, Tri-State Camera and the Children’s Place.

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