Son Dinh Tran signs $24M refi with Deutsche Bank for seven properties in NYC

Son Dinh Tran through the entity 14 First Ave LLC as borrower signed a refi loan with lender Deutsche Bank through the entity DBR Investments Co. Limited valued at $24 million for seven properties with 60 residential units including the 22-unit residential walkup building (C4) at 445 West 46th Street in Hell’s Kitchen, Manhattan, mixed-use building (K2) at 316 East 149th Street in Mott Haven, Bronx, and 16-unit residential walkup building (C7) at 14 1st Avenue in East Village, Manhattan.
The deal closed on September 9, 2025 and was recorded on September 23, 2025. The prior lenders were Dime Community Bank and Ira Saferstein which held debt that had an original loan total amount of $12.9 million.

The seven properties have 55,340 square feet of built space and 46,036 square feet of additional air rights for a total buildable of 100,764 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $433 and the price per buildable square foot is $238 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 Son Dinh Tran. The signatories for Deutsche Bank was Paul K. Richardson and R. Chris Jones. $2.9 million of the prior debt was the Ira Saferstein loan.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Anh Do, head officer and Luis Coradin, site manager. The business entity is 14 First Ave Llc. Out of the seven properties, five with a total of 55,340 square feet of built space generated revenue of $1.6 million per year.

The property

The residential walkup building with 16 residential units in East Village has 55,340 square feet of built space and 46,036 square feet of additional air rights for a total buildable of 100,764 square feet according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 70 feet deep with a total lot size of 2,275 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 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 received two DOB violations, $37,500 in ECB penalties, 84 housing violations, $59,635 in OATH penalties, and one housing litigation in the last year.

Development

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 14 1st Avenue, PincusCo has identified the owners of 16 of the 27 commercial properties representing 290,961 square feet of the 365,670 square feet. The largest owner is New York City Housing Authority, followed by Moise Lavian and then Firebird Grove.
On the tax block, there were two new building construction projects totaling 32,083 square feet. The largest is a 22-unit, 19,325 square-foot residential (R-2) building submitted by Sergey Rybak with plans filed May 24, 2018 and permitted August 30, 2019. The second largest is a seven-unit, 12,758 square-foot residential (R-2) building submitted by Cynthia Wu with plans filed October 31, 2014 and permitted February 27, 2018.

The majority, or 43 percent of the 365,670 square feet of built space are walkup buildings, with elevator buildings next occupying 41 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 $225.2 million in debt, with top three lenders as Ready Capital, ACRES Capital, and Citibank 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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