Ching Lau, Ying Liu borrow $11M on 5-unit walkup in Greenwich Village

Ching Lau and Ying Liu through the entity 34w9 LLC as borrower signed an initial loan with lender Bank of America valued at $11 million for the five-unit residential walkup building (C2) at 34 West 9th Street in Greenwich Village, Manhattan.
The deal closed on August 10, 2023 and was recorded on August 22, 2023. The property has 5,116 square feet of built space and 587 square feet of additional air rights for a total buildable of 5,710 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,150 and the price per buildable square foot is $1,926 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 May 3, 2022, for $13.8 million. The signatory for Ching Lau and Ying Liu was Ching Lau and Ying Liu.

The property

The residential walkup building with 5 residential units in Greenwich Village has 5,116 square feet of built space and 587 square feet of additional air rights for a total buildable of 5,710 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,350 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $5.7 million. The most recent prior loan totaled $6.8 million and was provided by Zee Bridge Capital on May 11, 2021. That loan was paid down at the time of the purchase in 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation 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 this tax block, PincusCo has identified the owners of 16 of the 43 commercial properties representing 375,057 square feet of the 636,478 square feet. The largest owner is Solil Management, followed by Sol Goldman Investments and then Shepard Ellenberg.
On the tax block, there was one new building construction project filed totaling 89,623 square feet. It is a 18-unit, 89,623 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 636,478 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

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