Alexander Chu borrows $24M from Morgan Stanley to refi office property in Chinatown

Alexander Chu through the entity Centre Court Holdings, LLC as borrower signed a loan agreement with lender Morgan Stanley Bank valued at $24 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 235 Canal Street in Chinatown. The deal closed on June 30, 2020 and was recorded on July 1, 2020.
The property contains a total of 43,942 square feet of built space.
The average loan per buildable square foot is $546.
The financing includes a $9.77 million gap loan and replaces $18 million provided by HSBC.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $300,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link