Hung Pin Hung signs $61.7M construction loan with USC for hotel in NoMad

Hung Pin Hung through the entity 842 Edenview LLC as borrower signed a new construction loan with lender Urban Standard Capital through the entity USC 842 6th II LLC valued at $61.7 million for the hotel building (H2) at 842 Sixth Avenue in NoMad, Manhattan.

On the lot, there is one active new building construction project, 121204419, for a 168-unit, 77,819 square-foot R-1 building. The project was submitted by Rob Chun with plans filed November 13, 2017 and permitted November 1, 2018.
The deal closed on May 27, 2025 and was recorded on June 26, 2025. The prior lender was Avana Capital which held debt that had an original loan amount of $15 million.The property has 101,189 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $609 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 August 22, 2024, for $30 million. The signatory for Hung Pin Hung was Hung Pin Hung.

The property

The hotel building in NoMad has 101,189 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 7,718 square feet. The lot is irregular. The zoning is C6-4X which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $12 million. The most recent loan totaled $15 million and was provided by Avana Capital on August 22, 2024.

Violations and lawsuits

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $33.3 million commercial foreclosure concerning a loan filed on December 22, 2023, by Avana Capital against Robert Y. Chun and Yong Woo Phillip Chun. In addition, according to city public data, the property has received $1,250 in ECB penalties and $3,500 in OATH penalties in the last year.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.4 times the average sales volume among other neighborhoods with $377.4 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, NoMad has 2 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 23 commercial properties representing 713,730 square feet of the 891,689 square feet. The largest owner is Lam Group, followed by Jan Soleimani and then Vanbarton Group.
On the tax block, there were four new building construction projects totaling 751,900 square feet. The largest is a 373,990 square-foot business (B) building submitted by HFZ Capital Group and filed by Anthony Marrone with plans filed September 19, 2017 and permitted November 19, 2018. The second largest is a 401-unit, 299,154 square-foot hotel/dormitory/shelter (R-1) building submitted by Lam Group and filed by John Lam with plans filed November 7, 2014 and permitted August 19, 2015.

The majority, or 58 percent of the 891,689 square feet of built space are hotel buildings, with office buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Hung Pin Hung owned at least three commercial properties with 24 residential units in New York City with 126,129 square feet and a city-determined market value of $16.4 million. (Market value is typically about 50% of actual value.) The portfolio has $90.7 million in debt, with top three lenders as Urban Standard Capital, Avana Capital, and TD Bank respectively. Within the portfolio, the bulk, or 80 percent of the 126,129 square feet of built space are hotel properties, with elevator properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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