Hung & Chong Real Estate borrows $61M from Shanghai Commercial Bank for loft property in Soho

Philip Chong’s Hung & Chong Real Estate through the entity 267 Canal Street Corp. as borrower signed a loan agreement with lender Shanghai Commercial Bank valued at $60.9 million for 1 parcel, including the tax class miscellaneous loft (L9) and containing 2 residential units at 261 Canal Street in Soho. The deal closed on February 10, 2020 and was recorded on February 25, 2020.
The property contains a total of 103,047 square feet of built space.
The average loan per buildable square foot is $591.
The debt package consolidates prior loans totaling $57.4 million and added $3.5 million of new debt.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $1,309,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link