City Urban Realty refinances 243 Canal Street with $21 million loan from Signature Bank

July 16, 2019 - Financial Digest
Michael Alvandi, City Realty Capital


243 Canal Street - Manhattan, NY


Manhattan, NY Michael Alvandi’s City Urban Realty and Stellar Management have completed a refinance of 243 Canal St. 

Signature Bank provided a $21 million loan which included a $2.5 million gap mortgage. GCP Capital Group’s Alan Perlmutter negotiated the financing. 

“We’re pleased with the outcome. Signature Bank was a good fit due to their familiarity with the partners and their reputation for execution,” said Alvandi, managing principal of City Urban Realty. 

The partnership acquired the pre-war building for $25 million in 2016. The six-story property was then repositioned following a two-year renovation and restoration which included a new lobby, storefront and floors. The robust leasing activity played into the refinance’s timing. 

Positioned between SoHo and Chinatown, at the foot of the Canal St. 6 train stop and a block from the N, R, Q and W subway station, the property will continue to thrive as users will migrate south seeking better value alternatives to SoHo’s high rents. 



Add Comment

More from the New York Real Estate Journal