Philips International signs $27.6M refi with Bank of China for three UWS retail condos

Philips International through the entity 2075 Retail Co, LLC as borrower signed a refi loan with lender Bank of China valued at $27.6 million for three retail condominium units at 200 West 72nd Street in Upper West Side, Manhattan.
The deal closed on July 24, 2025 and was recorded on August 12, 2025. The prior lender was Bank of China which held debt that had an original loan amount of $37.2 million.The three properties have 43,363 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $636 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 Philips International was Michael Pilevsky . The signatory for Bank of China was Raymond Qiao . Philips International, Gotham Organization and Rhodes NY developed the property.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 200 West 72nd Street.

The property

The retail condo in Upper West Side has 43,363 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 21,708 square feet. The city-designated market value for the property in 2022 is $23 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.3 times the average sales volume among other neighborhoods with $897.5 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has 1.6 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 200 West 72nd Street, PincusCo has identified the owners of 10 of the 23 commercial properties representing 267,825 square feet of the 397,218 square feet. The largest owner is Dominique Olbert, followed by City Urban Realty and then Brusco Group.
On the tax block, there were two new building construction projects totaling 35,764 square feet. The largest is a 19-unit, 30,504 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed December 7, 2017 and permitted August 6, 2019. The second largest is a two-unit, 5,260 square-foot residential (R-3) building submitted by Mary Margaret Chan with plans filed November 19, 2020 and it has not been permitted yet.

The majority, or 64 percent of the 397,218 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Philips International owned at least three commercial properties in New York City with 137,394 square feet and a city-determined market value of $42.8 million. (Market value is typically about 50% of actual value.) The portfolio has $30 million in debt, borrowed from OceanFirst Bank. Within the portfolio, the bulk, or 91 percent of the 137,394 square feet of built space are retail properties, with mixed-use properties next occupying 7 percent of the space. They are all located in Queens.

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