Jung-Hsiang Hwang signs $33.4M refi loan with Cathay Bank for rental in Central Harlem

Jung-Hsiang Hwang through the entity 2600 7th Avenue Realty, LLC as borrower signed a refi loan with lender Cathay Bank valued at $33.4 million for the 103-unit rental (D1) at 2600 Seventh Avenue with an alternate address of 2600 Adam Clayton Powell Boulevard Jr in Central Harlem, Manhattan.
The deal closed on May 26, 2021 and was recorded on July 2, 2021.
The property has 93,505 square feet of built space and 0 square feet of additional air rights for a total buildable of 68,741 square feet according to PincusCo analysis of city data. The loan price per built square foot is $357 per the PincusCo analysis.
The owner bought the property on 28-Apr-16, for $16 million.
The signatory for Jung-Hsiang Hwang was Jung-Hsiang Hwang.
(122847517)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 103 residential units on December 29, 2020.
There was a condominium project filed with the address 2600 7th Avenue and the name 2600 7th Avenue Condominium on May 2, 2018. The principals of the sponsor, 2600 7th Avenue Realty, LLC, were Rpbert Lee, Jung Hsiang Hwang, and Hsin Hung Chen. link
Within a 400-foot radius of 2600 7th Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Yechiel Newhouse bought the 12,575-square-foot, 15-unit rental (C1) on 273 West 150th Street and two other properties for $12.3 million from ABJ Property on January 3, 2020.
Of those three items, two were loans above $5 million totaling $15.5 million. The most recent of the two was Prana Investments which borrowed $10.1 million from Connectone Bank secured by the 38,700-square-foot, 10-unit rental (C7) on 2572 Adam C Powell Blvd and five other properties on April 24, 2020.

Direct link to Acris document. link