ABS Partners Real Estate signs $16M refi with TD Bank for new retail in Chinatown

246 Canal Street (Credit - Cyclomedia)

246 Canal Street (Credit - Cyclomedia)

ABS Partners Real Estate through the entity 615 West 131st Street, L.L.C. as borrower signed a refi loan with lender TD Bank valued at $16 million for the new retail building at 246 Canal Street in Chinatown, Manhattan.
On the lot, there was one active new building construction project for a 4,129 square-foot office (B) building. The project was submitted by James Caseley with plans filed October 22, 2019 and permitted June 11, 2020.
The deal closed on September 28, 2023 and was recorded on October 4, 2023. The prior lender was Valley National Bank which held debt that had an original loan amount of $12.4 million.

The owner bought the property on October 1, 2014, for $35.7 million. The signatory for ABS Partners Real Estate was Gregg Schenker and Suresh Sani. The signatory for TD Bank was John Stroligo.

The property

The parcel has frontage of 71 feet and is 75 feet deep with a total lot size of 4,503 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,075 in OATH penalties in the last year.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $178.2 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 537,566 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 41,000 square feet of the 127,472 square feet. The identified owner is City Of New York.
On the tax block, there was one new building construction project filed totaling 4,129 square feet. It is a 4,129 square-foot business (B) building submitted by James Caseley with plans filed October 22, 2019 and permitted June 11, 2020.

The majority, or 77 percent of the 127,472 square feet of built space are office buildings, with retail buildings next occupying 10 percent of the space.

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