RoundSquare and VM Properties Secure $26.2M Loan for Boutique Chelsea Condo
RoundSquare and VM Properties Secure $26.2M Loan for Boutique Chelsea Condo
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July 3, 2025 | New York City
A new luxury condo development is on its way to Chelsea, as VM Properties Group and RoundSquare Development have locked in $26.2 million in construction financing for an 11-story project at 227 West 19th Street.
The loan was provided by Urban Standard Capital, a lender increasingly active in the high-end residential space. Designed with a timeless architectural approach, the boutique condo will feature a classical façade, a nod to developer Robert Kaliner’s earlier townhome work throughout downtown Manhattan.
The project will offer just eight exclusive residences: a four-bedroom townhouse with a private garage, five full-floor three-bedroom apartments, and two duplex penthouses, each with four bedrooms. Additional amenities will include private terraces and a shared rooftop with views over Chelsea.
Rather than competing with the towering glass skyscrapers of Billionaires’ Row, the developers are leaning into a trend that's gaining momentum—intimate, high-design buildings in desirable neighborhoods.
“There’s strong buyer interest in more personalized, upscale residences,” said Seth Weissman, founder of Urban Standard. His firm has become a go-to for bespoke developments in both Manhattan and the Hamptons, offering faster closings than traditional banks. The firm previously financed a $19 million boutique condo in Tribeca.
Urban Standard’s relationship with RoundSquare began casually—with a LinkedIn message from Weissman and a meeting over drinks with the Kaliner family. That informal beginning led to their initial $14 million site acquisition loan in 2023.
Total acquisition costs for the Chelsea parcel came in around $6 million, and construction is expected to be completed by 2026.
This latest project adds to the growing momentum behind smaller-scale, high-luxury condos across Manhattan, where discerning buyers are seeking exclusivity, craftsmanship, and location over square footage alone.
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