Recent Transactions

$10,000,000 Bridge Loan for a portfolio of properties including land,
a gallery building and High Line transferable development rights
in West Chelsea.

W Financial closed a $10,000,000 bridge loan collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000SF of land under the High Line on West 24th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 SF of High Line transferable development which, at the time of the loan closing, were in hard contract to a major national developer.

The High Line, originally an elevated railway built in the 1930’s to speed the transportation of goods in and out of Manhattan, is a unique public amenity-in-the-making. Plans have been approved to turn the High Line into an elevated park similar to the Promenade Plantée in Paris further transforming and giving added vitality to Manhattan’s West Chelsea art district. The area has also been attracting some of New York’s most compelling architects and developers as its old industrial buildings give way to condominiums and rentals. The special High Line transferable air rights were approved to compensate those land owners who must restrict development under and adjacent to the High Line.