Tan Sixuan obtained financing of $22M from China Citic Bank International Limited

Tan Sixuan through the entity Fantasia 373 Hotel (Us), LLC as borrower signed a loan agreement with lender China Citic Bank International Limited valued at $22.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 373 5 Avenue in Garment District. The deal closed on July 31, 2019 and was recorded on August 07, 2019.
The property contains a total of 25,238 square feet of built space. The property has 3,283 square feet of available development rights.
The average loan per buildable square foot is $872.
The last time the property sold was April 30, 2014, for $34,900,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 70 residential (or hotel) units on September 13, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $178,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link