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Old Posted Jul 11, 2018, 10:09 PM
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chris08876 chris08876 is offline
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Location: New Jersey - Somerset County
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Smile NEW YORK | 540 West 21st Street | 250 FT | 20 FLOORS

Casco Development secures $50M loan for High Line condo project

Uri Chaitchik’s Casco Development secured a $50 million loan for a planned condominium building near the High Line, according to documents filed with the city today.

The property, at 540-548 West 21st Street, will be the future site of a 20-story, 172,000-square-foot mixed-use building. Permits for the site, which were filed in December, call for 128,000 square feet of residential space divided between 38 units. The structure will also have retail space on the ground floor. Casco plans to include amenities such as swimming pools and an art gallery that occupies multiple floors.

The lender for the new loan is Bank Hapoalim, one of Israel’s largest financial institutions. The mortgage replaces a $30 million loan on the property from October, also from Bank Hapoalim. The loan package also includes a $20 million gap mortgage.


Premises: 540 WEST 21 STREET MANHATTAN Job No: 121187820
BIN: 1076121 Block: 692 Lot: 53 Document: 01 OF 5

12 Zoning Characteristics
Special District(s): WCH - WEST CHELSEA
Map No.: 08b Street legal width (ft.): 30 Street status: Public Private
Zoning lot includes the following tax lots: 00063 00061 00057 00053 00011

Proposed: Use Zoning Area (sq.ft.) District FAR
RESIDENTIAL 128,202 C6-3 4.29
COMMERCIAL 29,304 C6-3 0.98
COMMERCIAL 14,211 M1-5 0.48
Proposed Totals: 171,717 -- 5.75

Existing Total: -- --
Proposed Lot Details: Lot Type: Corner Interior Through
Lot Coverage (%): 69 Lot Area (sq.ft.): 29,876 Lot Width (ft.): 234
Proposed Yard Details: No Yards Or
Front Yard (ft.): 0 Rear Yard (ft.): 0 Rear Yard Equivalent (ft.): 40
Side Yard 1 (ft.): 0 Side Yard 2 (ft.): 0
Proposed Other Details: Perimeter Wall Height (ft.): 250
Enclosed Parking? Yes No No. of parking spaces:
13 Building Characteristics

Primary structural system: Masonry Concrete (CIP) Concrete (Precast) Wood
Steel (Structural) Steel (Cold-Formed) Steel (Encased in Concrete)

Structural Occupancy Category: II - OTHER THAN I, III OR IV
Seismic Design Category: CATEGORY C
2014/2008 Code Designations?
Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES Yes No
Construction Classification: I-B: 2 HOUR PROTECTED - NON-COMBUST Yes No
Multiple Dwelling Classification: HAEA
Building Height (ft.): 250
Building Stories: 20

Dwelling Units: 38
1) TRD
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