Chun Yee Yung signs $17M refi with Cathay Bank for office in Chelsea

Chun Yee Yung through the entity Yung Brothers Real Estate Co., Inc. as borrower signed a refi loan with lender Cathay Bank valued at $17 million for the office building (O5) at 207 West 28th Street in Chelsea, Manhattan.
The deal closed on June 26, 2025 and was recorded on July 21, 2025. The prior lender was Shanghai Commercial Bank which held debt that had an original loan amount of $19.5 million. The property has 57,414 square feet of built space and 41,397 square feet of additional air rights for a total buildable of 98,800 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $296 and the price per buildable square foot is $172 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 Chun Yee Yung was Chun Yee Yung. The signatory for Cathay Bank was Vanessa Siew .

Prior sales and revenue

The 57,414-square-foot property generated revenue of $1.3 million or $23 per square foot, according to the most recent income and expense figures.

The property

The office building in Chelsea has 57,414 square feet of built space and 41,397 square feet of additional air rights for a total buildable of 98,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 197 feet deep with a total lot size of 9,880 square feet. The lot is irregular. The zoning is M1-6D which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.3 million.

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 two DOB violations and $5,840 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 $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 21 commercial properties representing 1,204,460 square feet of the 1,660,370 square feet. The largest owner is Buchbinder & Warren, followed by Lexin Capital and then Gds Development.
On the tax block, there were four new building construction projects totaling 880,958 square feet. The largest is a 480-unit, 351,185 square-foot residential (R-2) building submitted by MAG Partners and filed by Susi Yu with plans filed September 16, 2019 and permitted May 18, 2021. The second largest is a 112-unit, 228,989 square-foot residential (R-2) building submitted by HAP Investments and filed by Lawrence Gerstein with plans filed September 8, 2016 and permitted May 15, 2019.

The majority, or 47 percent of the 1.7 million square feet of built space are office buildings, with elevator buildings next occupying 44 percent of the space.

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