Bando Construction signs $20.1M acquisition loan with Hana Bank for UWS walkups

Bando Construction through the entity Bando Geny 4 LLC as borrower signed a refi loan with lender Hana Bank through the entity Keb Hana Bank, New York Agency valued at $20.1 million for four residential walkup properties with 165 residential units including the 94-unit residential walkup building (C5) at 475 Central Park West in Upper West Side, Manhattan, 37-unit residential walkup building (C5) at 471 Central Park West in Upper West Side, Manhattan, and 15-unit residential walkup building (C4) at 472 Central Park West in Upper West Side, Manhattan.

Sugar Hill Capital Partners and Metis Equities sold 475 Central Park West and three other properties for $33.5 million to Bando Construction on April 1, 2026.
The loan closed on April 1, 2026 and was recorded on April 15, 2026. The prior lender was LoanCore Capital which held debt that had an original loan amount of $20.1 million.The four properties have 61,875 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $325 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Bando Construction was John Choi . The signatory for Hana Bank was Seung Shik Lee .

The property

The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.8 million. Hana Bank on April 1, 2026 bought a loan with an original principal of $20.1M from LoanCore Capital signed by Tyler Shea, secured by 475 Central Park West, 471 Central Park West, 472 Central Park West, and 473 Central Park West, when owned by Bando Construction . The property has 13 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 54 housing violations, $780 in OATH penalties, and two housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 475 Central Park West, PincusCo has identified the owners of 21 of the 27 commercial properties representing 368,547 square feet of the 470,066 square feet. The largest owner is Bando Construction, followed by Lincoln Star Housing Corportation and then Aaron Jungreis.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 470,066 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Bando Construction owned at least eight commercial properties with 292 residential units in New York City with 247,180 square feet and a city-determined market value of $82.9 million. (Market value is typically about 50% of actual value.) The portfolio has $110.8 million in debt, with top three lenders as Hana Bank, LoanCore Capital, and Keb Hana Bank respectively. Within the portfolio, the bulk, or 45 percent of the 247,180 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space.

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