Bin Yu Wang signs $18M refi with Hirshmark for 11-unit condo project in Gramercy, pays of Maverick

Bin Yu Wang through the entity Gramercy 1860 LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity 327 E22 Funding LLC valued at $18 million for the 11-unit property (D3) at 327 East 22nd Street in Gramercy, Manhattan. The loan pays off a note Maverick Real Estate Partners bought in July 2022 with an original principal of $17.7 million from the construction lender, G4 Capital Partners.
The deal closed on October 4, 2022 and was recorded on October 13, 2022. The prior lender was Maverick Real Estate Partners which held debt that had an original loan amount of $17.7 million. The property has 19,748 square feet of built space for a total buildable of 19,752 square feet according to PincusCo analysis of city data. The loan price per built square foot is $911 and the price per buildable square foot is $911 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 owner bought the property on August 30, 2017, for $12 million. The signatory for Bin Yu Wang was Bin Yu Wang. The signatory for Hirshmark Capital was Abraham Goldman.

The property

The 327 East 22nd Street parcel has frontage of 50 feet and is 98 feet deep with a total lot size of 4,938 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $7,050 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for an 11-unit, 19,747 square-foot R-2 building. The project was developed by Sam Suzuki with plans filed August 7, 2014 and permitted May 8, 2018. On the tax lot, the most recent condominium plan was filed by Gramercy 1860 LLC to create 11 residential units in a building at 327 East 22nd Street in Gramercy, Manhattan, called Gramercy 1860 Condominium that has a $38.2 million sellout, according to an April 9, 2019 submission to the New York State Attorney General.The principal of the sponsor, Gramercy 1860 LLC, was Bin Yu Wang.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 26,769 square feet of the 357,961 square feet. The identified owner is Lalezarian Properties.
On the tax block, there was one new building construction project filed totaling 19,747 square feet. It is a 11-unit, 19,747-square-foot R-2 building developed by Sam Suzuki with plans filed August 7, 2014 and permitted April 12, 2018.

The majority, or 77 percent of the 307,571 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Bin Yu Wang owned at least one commercial property in New York City with 19,748 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D3 property. It is located in Manhattan.

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