Azure Investment Capital borrows $7M from Hanmi Bank for purchase of property in Tribeca

Azure Investment Capital through the entity Azure Tribeca LLC as borrower signed a loan agreement with lender Hanmi Bank valued at $7 million for 1 parcel, including the tax class retail building with apartments above (K4) at 273 Church Street in Tribeca. The deal closed on January 16, 2020 and was recorded on May 4, 2020.
The property contains a total of 7,799 square feet of built space. The property has 11,341 square feet of available development rights.
The average loan per buildable square foot is $617.
The last time the property sold was January 16, 2020, for $10,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on December 5, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $198,554. There was one renovation/alteration project (A2) applied for with a total estimated value of $172,877.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link