Chun Yee “Sunny” Yung signs $16.4M refi for 20-unit rental in East Village
Chun Yee “Sunny” Yung through the entity Central Management Corp. as borrower signed a refi loan with lender New York Community Bank valued at $16.4 million for the 20-unit rental (D6) at 31-33 Second Avenue in East Village, Manhattan.
The deal closed on February 3, 2021 and was recorded on October 26, 2021.
The property has 26,832 square feet of built space and 89 square feet of additional air rights for a total buildable of 26,921 square feet according to PincusCo analysis of city data. The loan price per built square foot is $611 and the price per buildable square foot is $609 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 July 1, 2015, for $29 million.
The signatory for Chun Yee “Sunny” Yung was Chun Yee “Sunny” Yung. The signatory for New York Community Bank was John Feijoo.
(121002618)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential units on February 18, 2015.
The owner according to the Department of Housing Preservation and Development is Chun Yee Yung, head officer. The business entity is Central Management Corp.
Within a 400-foot radius of 31-33 2nd Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on January 8, 2021 for a 16,366-square-foot R-2 building with 10 residential units at 14 Second Avenue.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.5 million. The most recent of these two items was the filing on May 18, 2021 for a 10,853-square-foot RES building with eight residential units at 45 Second Avenue.
Of those nine items, three were sales above $5 million totaling $104 million. The most recent of the three was GAIA Real Estate which bought the 17,310-square-foot, 24-unit rental (C1) on 50 East 3rd Street and two other properties for $49.5 million from Anbau Enterprises on September 2, 2021.
Of those nine items, two were loans above $5 million totaling $49.8 million. The most recent of the two was GAIA Real Estate which borrowed $36.0 million from Bank of America secured by the 17,310-square-foot, 24-unit rental (C1) on 50 East 3rd Street and two other properties on September 2, 2021.
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