Son Dinh Tran signs $15.5M loan with Stormfield for walkups in Manhattan

Son Dinh Tran through the entity 218-226 West 17th Street Owner LLC as borrower signed a loan with lender Stormfield Capital through the entity Stormfield Capital Funding I, LLC valued at $15.5 million for three residential walkup properties with 153 residential units including the 113-unit residential walkup building (C5) at 218 West 17th Street in Chelsea, Manhattan, 20-unit residential walkup building (C4) at 338 West 11th Street in West Village, Manhattan, and 20-unit residential walkup building (C4) at 226 West 17th Street in Chelsea, Manhattan.
The deal closed on February 24, 2025 and was recorded on March 20, 2025. The three properties have 52,910 square feet of built space and 35,305 square feet of additional air rights for a total buildable of 81,217 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $293 and the price per buildable square foot is $191 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 Son Dinh Tran was Benjamin Brash . The signatory for Stormfield Capital was Joshua Knoll . This is not exactly an acquisition loan since it came a few days after the purchase.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes William Felder, head officer and David Schustack, officer. The business entity is Clover Court Realty Llc. The three properties with a total of 52,910 square feet of built space generated revenue of $2.4 million per year or $45 per square foot.

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 received $1,005 in OATH penalties 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 block

On the tax block of 218 West 17th Street, PincusCo has identified the owners of 13 of the 20 commercial properties representing 156,024 square feet of the 252,476 square feet. The largest owner is S.W. Management, followed by Son Dinh Tran and then Alex Adjmi.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 252,476 square feet of built space are walkup buildings, with office buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Son Dinh Tran owned at least 40 commercial properties with 544 residential units in New York City with 519,068 square feet and a city-determined market value of $118.7 million. (Market value is typically about 50% of actual value.) The portfolio has $172.1 million in debt, with top three lenders as Ready Capital, Citibank, and Signature Bank respectively. Within the portfolio, the bulk, or 56 percent of the 519,068 square feet of built space are walkup properties, with elevator properties next occupying 22 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

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