Hiu Ian Cheng borrows $9.6M from Shanghai Commercial for property in Chelsea

Hiu Ian Cheng through the entity 105 West 27th Street Realty, LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd., New York Branch valued at $9.6 million for 2 parcels, including the tax class retail building with apartments above (K4) and containing 3 residential units at 107 West 27th Street, 103 West 27th Street in Chelsea. The deal closed on September 29, 2020 and was recorded on October 16, 2020.
The property has 56,175 square feet of built space and available development rights.
The average loan per buildable square foot is $170.
The financing includes a $4.3 million gap loan. The last time at least one of the properties sold was November 8, 2018, for $1,476,348.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link