William Su signs $22.3M refi with Cathay Bank for hotel in Chinatown

William Su through the entity 93 Bowery Holdings LLC as borrower signed a refi loan with lender Cathay Bank valued at $22.3 million for the Chinatown Wyndham Garden Hotel (H2) at 91 Bowery in Chinatown, Manhattan.
The deal closed on September 13, 2023 and was recorded on September 22, 2023. The prior lender was Cathay Bank which held debt that had an original loan amount of $26.4 million.
The property has 48,642 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $458 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 November 1, 2005, for $14 million. The signatory for William Su was William Su. The signatory for Cathay Bank was John Shi.

The property

The hotel building in Chinatown has 48,642 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 107 feet deep with a total lot size of 5,452 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $12.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $7,480 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 $1 million on this tax lot.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $178.2 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 582,940 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 41,872 square feet of the 259,938 square feet. The identified owner is Lam Generation.
On the tax block, there was one new building construction project filed totaling 14,427 square feet. It is a eight-unit, 14,427 square-foot residential (R-2) building submitted by Ruoxu You with plans filed April 1, 2022 and permitted June 23, 2023.

The majority, or 43 percent of the 259,938 square feet of built space are hotel buildings, with mixed-use buildings next occupying 20 percent of the space.

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