New World Art Center

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$45.2 million -elevator 100%; Manhattan 100%*

2345th largest portfolio by dollar value

73,106 sqft – elevator 100%; Manhattan 100%

2824th largest by SF

66 residential units – Manhattan 100%

2270th largest by residential units

3 foreclosures, 0 bankruptcies, 0 other court cases.

Borrower company: 1 for $0

Shanghai Commercial & Savings Bank (1), Hakimian Organization (1)

Timothy Chan (1), Chiu Nam Wu (1)

• Hakimian Organization on April 13, 2026 bought a loan with an original principal of $34 million from Shanghai Commercial Bank, signed by Nim Chi Lau, secured by 343 West 35 Street, when owned by New World Art Center.

• New World Art Center borrowed $34 million from Shanghai Commercial & Savings Bank for 343 West 35 Street on November 24, 2020.

• New World Art Center for Ted Chen filed plans for major alteration for 69,891 sqft in Garment District, Manhattan, on January 25, 2013.

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