A partnership led by Ashkenazy Acquisition has secured a $46 million loan for 115 Seventh Avenue in Chelsea.
The loan, which was provided by Silverpeak Argentic, will be used to retire existing debt and renovate the upper floors. The seven-story building will be the future home of SOSA, an Israeli co-working firm. According to a previous report from the Observer, the company has signed a 40,000 s/f lease at the property. Ashkenazy expects to lease the ground floor to fashion retailers and restaurants.
The property, which was built in 1924, is the site of the original Barneys New York department store. In 1970, the store added five stories to the building. The original store was called “America House” while the additional space was called “International House.” Barneys New York left the space in 1993.
The space has since circled back to its Barneys New York connection. The Pressman family, which established the Barneys New York brand, sold the building to Japanese department store chain Isetan. The company then sold the building, along with 138-154 West 17th Street, to the Rubin Museum of Art. Ashkenazy, which also owns the Barneys store at 660 Madison Avenue, bought the property for $60 million in 2014.
Ashkenazy, which is currently renovating the space, said that it expects to retain ownership of the property for the foreseeable future. NGKF’s Daniel Fromm and Jordan Roeschlaub procured the loan.