BLDG Management signs $22.1M refi loan with CTBC Bank for retail in Chinatown

Lloyd Goldman’s BLDG Management through the entity BLDG Canal LLC as borrower signed a refi loan with lender CTBC Bank valued at $22.1 million for the retail building (O5) at 178 Canal Street in Chinatown, Manhattan.
The deal closed on January 26, 2023 and was recorded on January 27, 2023. The prior lender was CTBC Bank which held debt that had an original loan amount of $24 million. The property has 12,173 square feet of built space for a total buildable of 12,177 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,815 and the price per buildable square foot is $1,814 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 December 3, 2012, for $40.8 million. The signatory for BLDG Management was Lloyd Goldman. The signatory for CTBC Bank was Yintung Chang.

Prior sales and revenue

The 12,173-square-foot property generated revenue of $2.9 million or $234 per square foot, according to the most recent income and expense figures.

The property

The 178 Canal Street parcel has frontage of 47 feet and is 75 feet deep with a total lot size of 3,540 square feet. The city-designated market value for the property in 2022 is $12.3 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 $300 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Chinatown, the bulk, or 35 percent of the 8.5 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 $158.6 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 442,541 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 114 commercial properties representing 38,122 square feet of the 277,529 square feet. The largest owner is Shu Min Nyein, followed by New York Police Department and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 244,540 square feet of built space are walkup buildings, with retail buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that BLDG Management owned at least 170 commercial properties in New York City with 5,511,190 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 5,511,190 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.

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