Chinese-American Planning Council signs $57.5M refi for 156-unit elevator building in Lower East Side
Chinese-American Planning Council through the entity Chinatown Planning Council Hdfc, Inc. (The) as borrower signed a refi loan with lender ORIX Real Estate through the entity Orix Real Estate Capital, LLC valued at $57.5 million for the 156-unit residential elevator building at c in Lower East Side, Manhattan.
The deal closed on January 20, 2022 and was recorded on February 15, 2022. The prior lender was Greystone & Co. which held debt that had an original loan amount of $9.3 million.
The property has 137,909 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $416 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 Chinese-American Planning Council was Wayne Ho.
The 137,909-square-foot property generated revenue of $2.5 million or $18 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 4 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 $1,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $443,500. One of the projects were to change the building from a J-2 to a R-2 and were permitted on May 12, 2021.
Wayne Ho is the president of Chinese-American Planning Council.
In Lower East Side, the majority, or 60 percent of the 33.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space. In sales, Lower East Side has 2.5 times the average sales volume among other neighborhoods with $677.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Lower East Side has 2.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 58 percent of the 888,799 square feet of built space are residential elevator buildings, with office buildings next occupying 39 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Wayne Ho, head officer and Jonathan Brake, officer. The business entities are Tuc Management Company Inc. and Chinatown Planning Council Hdfc.
Within a 400-foot radius of 50 Norfolk Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on April 22, 2021 for a 89,032-square-foot R-2 building with 116 residential units at 64 Norfolk Street.
Of those seven items, three were sales above $5 million totaling $71.3 million. The most recent of the three was Gotham Organization which bought the development site (V1) on Norfolk Street and one other property for $52.2 million from the Chinese-American Planning Council on January 19, 2021.
Of those seven items, two were loans above $5 million totaling $207.3 million. The most recent of the two was Gotham Organization which borrowed $45 million from Wells Fargo secured by the 0-square-foot development site (V1) on 60-66 Norfolk Street on May 14, 2021.
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