Son Dinh Tran signs $8.7M refi loan with Patriot Bank for 11-unit rental in Chelsea
Son Dinh Tran through the entity 214 West 30th LLC as borrower signed a refi loan with lender Patriot Bank valued at $8.7 million for the 11-unit residential elevator building (D5) at 214 West 30th Street in Chelsea, Manhattan.
The deal closed on February 23, 2023 and was recorded on March 16, 2023. The prior lender was S3 Capital which held debt that had an original loan amount of $7.3 million.The property has 30,360 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $286 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 March 11, 2022, for $9 million. The signatory for Son Dinh Tran was Son Dinh Tran. The signatory for Patriot Bank was Tommy Tran.
The borrower
The PincusCo database currently indicates that Son Dinh Tran owned at least 27 commercial properties in New York City with 309,848 square feet and a city-determined market value of $64.2 million. (Market value is typically about 50% of actual value.) The portfolio has $81.3 million in debt, with top three lenders as Signature Bank, S3 Capital, and Titan Capital ID respectively. Within the portfolio, the bulk, or 68 percent of the 309,848 square feet of built space are walkup properties, with hotel properties next occupying 11 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
Prior sales and revenue
The 30,360-square-foot property generated revenue of $702,254 or $23 per square foot, according to the most recent income and expense figures.
The property
The 214 West 30th Street parcel has frontage of 23 feet and is 98 feet deep with a total lot size of 2,271 square feet. The zoning is M1-6D which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.8 million.The most recent loan totaled $7.3 million and was provided by S3 Capital on March 11, 2022.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $7,500 in ECB penalties and $8,550 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of nine of the 34 commercial properties representing 258,918 square feet of the 1,363,871 square feet. The largest owner is Son Dinh Tran, followed by Solil Management and then Ironstate Development.
On the tax block, there were two new building construction projects totaling 133,449 square feet. The largest is a 95-unit, 79,008-square-foot R-2 building developed by Michael Barry with plans filed January 2, 2014 and permitted August 6, 2014. The second largest is a 55-unit, 54,441-square-foot R-1 building developed by Alex Bernstein with plans filed April 6, 2016 and permitted December 5, 2017.
The majority, or 80 percent of the 1.4 million square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.
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