Frank Chan pays $33M for three properties in Chinatown

Frank Chan through the entity Evergold Fund LLC paid $33 million to George Terranova through the entity 224 Canal Street LLC for the office building (O6) at 224 Canal Street in Chinatown, Manhattan, retail building (K2) at 234 Canal Street in Chinatown, Manhattan, and office building (O6) at 232 Canal Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on April 21, 2025 and was recorded on May 21, 2025. The three properties have 52,764 square feet of built space and 8,356 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $625 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 George Terranova was George Terranova. The signatory for Frank Chan was Frank Chan. The contract date was April 11, 2025. Traded NY reported on the sale previously.

Frank Chan financed the purchase with a $22 million loan from CTBC Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Frank Chan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George Terranova had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, two with a total of 52,764 square feet of built space generated revenue of $2.2 million per year.

The property

The retail building in Chinatown has 52,764 square feet of built space and 8,356 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 82 feet deep with a total lot size of 4,178 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $18.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,400 in ECB penalties and $9,225 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 Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $183.2 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 263,205 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 234 Canal Street, PincusCo has identified the owners of one of the five commercial properties representing 99,270 square feet of the 152,034 square feet. The identified owner is Everlasting Pine Hdfc.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 152,034 square feet of built space are elevator buildings, with office buildings next occupying 26 percent of the space.

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