Chelsea Mercantile Gets $22M in Financing

NEW YORK CITY-Rockrose Development Corp. gained $22 million in financing for the commercial condominium portion of its Chelsea Mercantile. Jones Lang LaSalle’s Real Estate Investment Banking group coordinated the effort.

The property, at 252 Seventh Ave., was renovated in 1998 into 351 condominium units, which have since been sold. Rockrose retained the 80,967-sf of retail space, split into five commercial units, and now 100% leased to Whole Foods Market and Imperial Parking. Whole Foods has expanded the store, its first in Manhattan, since first moving in, setting up a 5,000-sf Whole Body store in a retail vacancy in the building. Whole Foods’ lease is up at the end of 2015.

Wes Boatwright, Lisa Bozzelli and Brandon Flickinger of JLL’s REIB coordinated the effort.