Yeung Chi Shing Holding, Kingsville sign $38.6M refi for Midtown East Fifth Ave retail

Yeung Chi Shing Holding and Kingsville Investments through the entity 677 Fifth Avenue Corporation as borrower signed a refi loan with lender Citibank valued at $38.6 million for the retail building (K4) at 677 Fifth Avenue in Midtown East, Manhattan.
The deal closed on October 31, 2025 and was recorded on November 19, 2025. The prior lender was East West Bank which held debt that had an original loan amount of $50 million.The property has 31,250 square feet of built space and 18,750 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,234 and the price per buildable square foot is $771 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 signatory for Yeung Chi Shing Holding and Kingsville Investments was Wendy Kan . The signatory for Citibank was Carmen C. Chan and Kent Shafer.

The property

The retail building in Midtown East has 31,250 square feet of built space and 18,750 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $201.2 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 $6,700 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 19, 2012. 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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.8 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 19.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 1,832,989 square feet of the 2,207,161 square feet. The largest owner is Tishman Speyer, followed by Korein Family and then Gfp Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 2.2 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Kingsville Investments owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.
The PincusCo database currently indicates that Yeung Chi Shing Holding owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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