Ho family signs $16M refi loan with Bank of Hope for six industrials in East Williamsburg

Glenn Gangling Ho, Jue Ling Ho, and Tung L. Ho through the entity Hoskyville Realty Corp. as borrower signed a refi loan with lender Bank of Hope valued at $16 million for six industrial properties including the industrial (F4) at 142 Harrison Place in East Williamsburg, Brooklyn, industrial (F4) at 130 Harrison Place in East Williamsburg, Brooklyn, and industrial (E1) at 25 Varick Avenue in East Williamsburg, Brooklyn.
The deal closed on September 30, 2021 and was recorded on October 28, 2021.
The six properties have 65,517 square feet of built space and 45,862 square feet of additional air rights for a total buildable of 111,392 square feet according to PincusCo analysis of city data. The loan price per built square foot is $244 and the price per buildable square foot is $143 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 Glenn Gangling Ho, Jue Ling Ho, and Tung L. Ho was Glenn Gangling Ho, Jue Ling Ho, and Tung L. Ho.

Within a 400-foot radius of 130 Harrison Place, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 2, 2021 for the $427,000 renovation of 32,499-square-foot B building with no residential units at 65 Porter Avenue.
One of those four items was a sale which St. Nicks Alliance bought the 4,125-square-foot, eight-unit rental (C1) on 131 Thames Street and 10 other properties for $5.3 million from National Equity Fund on January 6, 2021.
Of those four items, two were loans above $5 million totaling $14.1 million. The most recent of the two was Leopold Kaufman which borrowed $6.2 million from New York Community Bank secured by the 5,175-square-foot, six-unit rental (C2) on 106 Grattan Street and one other property on October 26, 2021.

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