Chun Yee Yung signs $5.5M refi for office building in NoMad

Chun Yee Yung through the entity Yung Brothers Real Estate Co., Inc. as borrower signed a refi loan with lender Cathay Bank valued at $5.5 million for the office building (O5) at 838 6th Avenue in NoMad, Manhattan.
The deal closed on June 26, 2025 and was recorded on July 31, 2025. The prior lender was Cathay Bank which held debt that had an original loan amount of $4.4 million.The property has 26,314 square feet of built space and 23,069 square feet of additional air rights for a total buildable of 49,400 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $209 and the price per buildable square foot is $111 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 .

The property

The office building in NoMad has 26,314 square feet of built space and 23,069 square feet of additional air rights for a total buildable of 49,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,940 square feet. The zoning is C6-4X which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.2 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 16, 2020. 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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.4 times the average sales volume among other neighborhoods with $381 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, NoMad has 1.7 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space. There was one 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 14 of the 23 commercial properties representing 713,730 square feet of the 891,689 square feet. The largest owner is Lam Group, followed by Marvin Kagan and then Vanbarton Group.
On the tax block, there were four new building construction projects totaling 751,900 square feet. The largest is a 373,990 square-foot business (B) building submitted by HFZ Capital Group and filed by Anthony Marrone with plans filed September 19, 2017 and permitted November 19, 2018. The second largest is a 401-unit, 299,154 square-foot hotel/dormitory/shelter (R-1) building submitted by Lam Group and filed by John Lam with plans filed November 7, 2014 and permitted August 19, 2015.

The majority, or 58 percent of the 891,689 square feet of built space are hotel buildings, with office buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Chun Yee Yung owned at least two commercial properties with 20 residential units in New York City with 84,246 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.5 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 68 percent of the 84,246 square feet of built space are office properties, with elevator properties next occupying 32 percent of the space. They are all located in Manhattan.

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