Yuco Management borrows $63M from Nationwide Life for office property in Noho

Raymond Yu’s Yuco Management through the entity Moklam Enterprises, Inc. as borrower signed a loan agreement with lender Nationwide Life Insurance Company valued at $63.0 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 622 Broadway in Noho. The deal closed on January 10, 2020 and was recorded on January 27, 2020.
The property contains a total of 99,470 square feet of built space.
The average loan per buildable square foot is $633.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $2,047,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link