At the southwest corner of Sixth Avenue and West 18th Street in Chelsea's historic Ladies' Mile district, wraparound retail frontage catches seven-day foot traffic between Flatiron and the High Line. On August 25, 2026, 611 AOFA LLC closed on the three-unit commercial and retail assemblage at 100 West 18th Street (also known as 611 Sixth Avenue) for $18.3 million ($2,313 per square foot), purchasing the asset from The Retail Stores of 611 6th Ave., LLC. When the deed closed on August 25, 2026, 611 AOFA LLC had officially taken down 100 West 18th Street from The Retail Stores of 611 6th Ave., LLC for $18.3 million, with Manhattan Retail Capital Markets brokering the trade.

At $2,313 a square foot—or $9,150,000 a door across its 1 apartments— across 7,912 square feet, the trade establishes a clean clearing mark for Chelsea / Ladies' Mile prime corner retail condominium & commercial assemblage assets. Even better for the buyers, the in-place rent roll hands them a verified 6.20 percent going-in cap rate from day one.

Peapack Private Bank Delivers a $12.75 Million CEMA at 69.7 Percent LTV

How you structure the debt on a Manhattan acquisition matters almost as much as what you pay for the deed. Peapack Private Bank & Trust stepped up with a $12.75 million senior loan—representing 69.7 percent loan-to-value—while the buyers wrote a $5.55 million equity check behind it.

Rather than extinguishing the seller's old note and originating a scratch mortgage, the buyers and Peapack Private Bank & Trust kept the existing mortgage wrapper alive through a Consolidation, Extension, and Modification Agreement, or CEMA. Because New York City levies a roughly 2.8 percent mortgage recording tax on new commercial debt, that single piece of legal plumbing saved the deal upwards of $0.36 million at the closing table—cash that stays in the property's capex and leasing reserve instead of going to the Department of Finance.

From Our Desk

When we look at 100 West 18th Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 611 AOFA LLC didn't try to fight the tape—they bought Chelsea / Ladies' Mile footage at $2,313 a square foot and structured the stack to match the asset's timeline. Peapack Private Bank & Trust has quietly become one of Manhattan's sharpest middle-market relationship lenders—and stepping up to 69.7 percent LTV via an ACRIS AGMT consolidation on a Sixth Avenue retail corner shows why private sponsors keep calling them.