Miriam Chan signs $21M refi with Preferred Bank for seven properties in NYC

Miriam Chan through the entity Bowery Tower LLC as borrower signed a refi loan with lender Preferred Bank valued at $21 million for seven properties including the industrial building at 345 Butler Street in Gowanus, Brooklyn, industrial building at 763 3rd Avenue in Greenwood Heights, Brooklyn, and office building at 78 Bowery in Chinatown, Manhattan.
The deal closed on December 23, 2021 and was recorded on January 14, 2022. The prior lender was Industrial and Commercial Bank of China which held debt that had an original loan amount of $4.6 million.
The seven properties have 112,817 square feet of built space and 45,164 square feet of additional air rights for a total buildable of 151,933 square feet according to PincusCo analysis of city data. The loan price per built square foot is $186 and the price per buildable square foot is $138 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 Miriam Chan was Miriam Chan.
Out of the seven properties, three with a total of 112,817 square feet of built space generated revenue of $2.2 million per year.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $15,000. One of the projects were to change the building from a D-1 to a S-2.
In Gowanus, the majority, or 38 percent of the 11.5 million square feet of built space are industrial buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Gowanus has had very little sales volume relative to neighborhoods in the city with $205.4 million in sales volume in the last two years. For development, Gowanus is the 10th most active neighborhood in the city. It had 4.1 million square feet of commercial construction and multifamily under development in the last two years, which represents 35 percent of the neighborhood’s built space.
On the tax block, the majority, or 57 percent of the 237,360 square feet of built space are industrial buildings, with residential elevator buildings next occupying 26 percent of the space.
Within a 400-foot radius of 345 Butler Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on August 4, 2021 for a 21,848-square-foot R-2 building with 24 residential units at 601 Baltic Street.
One of those six items was a sale which Omni New York bought the 118,400-square-foot, 200-unit rental (D1) on 131 3rd Avenue and 65 other properties for $10.8 million from New York City Housing Authority on February 19, 2020.
Of those six items, four were loans above $5 million totaling $416.8 million. The most recent of the four was Gowanus Cubes which borrowed $35 million from Hirshmark Capital secured by the 62,292-square-foot, 56-unit rental (D1) on 126 4th Avenue and two other properties on September 29, 2021.

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