Yacov Smouha signs $23.3M refi loan with ArrowMark for storage in Chinatown

Yacov Smouha through the entity CSP Properties LLC as borrower signed a refi loan with lender ArrowMark Partners through the entity Sm-Amp Self Storage Jv, LLC valued at $23.3 million for the storage building at 78 Walker Street in Chinatown, Manhattan.

Yacov Smouha filed plans, M01094644, which were approved in March 4, 2025, for a conversion of the building from a retail use to a storage (S-2) use.
The deal closed on March 12, 2026 and was recorded on April 3, 2026. The prior lender was Thorofare Capital which held debt that had an original loan amount of $21.5 million.The property has 41,200 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $565 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 May 15, 2024, for $16 million. The signatory for Yacov Smouha was Yacov Smouha.

The property

The mixed-use building in Chinatown has 41,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 101 feet deep with a total lot size of 4,551 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $1.6 million. ArrowMark Partners on March 12, 2026 bought a loan with an original principal of $21.5M from Thorofare Capital signed by Kevin H. Miller_Ai, secured by 78 Walker Street, when owned by Yacov Smouha .

Transaction Participants

Thomas D. Gianturco at Riemer & Braunstein LLP participated in the transaction on behalf of the lender.

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 three DOB violations 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 1.5 times the average sales volume among other neighborhoods with $496.9 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 542,348 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 170,791 square feet of the 411,192 square feet. The largest owner is United American Land, followed by Teddy Tie Cheng Li and then Betesh Co..
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 411,192 square feet of built space are office buildings, with mixed-use buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Yacov Smouha owned at least one commercial property in New York City with 41,200 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $21.5 million in debt, borrowed from White Oak Financial and Thorofare Capital. The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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