Thomas Leung borrows $6M from CTBC Bank for 20-unit rental in Little Italy

Thomas Leung through the entity 209 Grand Street, LLC as borrower signed a loan agreement with lender CTBC Bank Corp. valued at $6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 20 residential units at 209 Grand Street in Little Italy. The deal closed on August 3, 2020 and was recorded on August 31, 2020.
The property contains a total of 16,901 square feet of built space. The property has 22,713 square feet of available development rights.
The average loan per unit is $300,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $73,920. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $213,170.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link