Nakash Holdings signs $16M refi loan with Bank Hapoalim for retail condo in Chinatown

Nakash Holdings through the entity 208 Canal Owner LLC as borrower signed a refi loan with lender Bank Hapoalim valued at $16 million for the retail condo at 210 Canal Street in Chinatown, Manhattan.
The deal closed on June 10, 2021 and was recorded on February 4, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $16 million.
The condo has 7,580 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $2,110 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 May 11, 2017, for $23.6 million.
The signatory for Nakash Holdings was Robert Spiegelman. The signatory for Bank Hapoalim was Mimi Vu and Doug Rutley.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
On the tax block, the majority, or 69 percent of the 261,091 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 18 percent of the space.
Within a 400-foot radius of 210 Canal Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
One of those eight items was a sale which Gottesman family bought the 0-square-foot, five-unit mixed-use building (S4) on 126 Baxter Street and 27 other properties for $1.6 billion from Gottesman family on March 9, 2021.
Of those eight items, seven were loans above $5 million totaling $96.7 million. The most recent of the seven was Everlasting Pine HDFC which borrowed $8 million from NYC Housing Development Corporation secured by the 99,270-square-foot, 104-unit rental (D7) on 125 Walker Street on July 20, 2021.

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