United Overseas Bank Lends $19M to Iconic New York Retail Investment Firm
Danielle Balbi Aug. 11, 2015, 5:30 p.m.
The Chera family’s real estate firm Crown Acquisitions took a $19 million loan from United Overseas Bank to fund the recent acquisition of a retail building at 144 Fulton Street in Lower Manhattan, city records show.
Crown purchased the property at 144 Fulton Street, located between Nassau Street and Broadway, for $25 million from a group of unnamed investors in late July.
The property, located between Nassau Street and Broadway currently houses a souvenir store. The building sits next door to the Fulton Center, which opened last year.
Crown Principal Brittany Bragg worked on the acquisition. “The mix of daytime and residential populations, businesses, tourists, and infrastructure are incredibly compelling for tenants and therefore us as investors,” Ms. Bragg told Commercial Observer by email.
“It was a pleasure working with the sellers and their teams and we look forward to other opportunities in the market,” she said. Ms. Bragg declined to identify the sellers.
Crown owns several properties throughout Manhattan, including Cartier Mansion, Versace Mansion, Olympic Tower, The St. Regis, 650 Madison Avenue and 453 Broome Street, most of which have significant retail components.
The New York-based investment firm has yet to announce its plans for the Fulton Street site.
The $19 million acquisition loan is one of many that Singapore-based U.O.B. has closed in Manhattan in the last year.
Most notable is an $860 million construction loan the lender provided to developer Hines for the development of a luxury condominium tower at 53 West 53rd Street.
Last month the bank provided Brookfield Property Partners with a $35 million loan to help fund its purchase of an office condominium at 424 West 33rd Street.
Representatives for U.O.B. did not respond to inquiries by press time.