CRE8 Equities signs $5.5M refi with Citibank for retail in SoHo

CRE8 Equities through the entity New Way Holdings IV LLC as borrower signed a refi loan with lender Hanmi Bank valued at $5.5 million for the retail condo at 180 Sixth Avenue in SoHo, Manhattan.
The deal closed on May 26, 2026 and was recorded on June 10, 2026. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $4 million. The property has 14,717 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $373 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 November 8, 2024, for $7.3 million. The signatory for CRE8 Equities was Sheng Zeng . The signatory for Hanmi Bank was Eunice Eunyoung Nam .

The property

The retail condo in SoHo has 14,717 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 14,717 square feet. The city-designated market value for the property in 2022 is $10.1 million. Hanmi Bank May 26, 2026 bought a loan with an original principal of $4 million from Emerald Creek Capital signed by Mark Penna , secured by 180 Sixth Avenue, when owned by CRE8 Equities .

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 March 9, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by QT SOHO REALTY LLC to create 25 residential units and 1 commercial units in a building at 176-186 Avenue Of The Americas in SoHo, Manhattan, called One Vandam Condominium that has a $162.9 million sellout, according to an May 20, 2013 submission to the New York State Attorney General. The principals of the sponsor, QT SOHO REALTY LLC, were Dov Barnett, Timothy Quinlan, Nicholas Silvers, and Tyler Wilkins.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has the 7th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 90,606 square feet of the 228,095 square feet. The largest owner is Derby Copeland Capital , followed by Gatsby Enterprises.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 228,095 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

Direct link to Acris document. link