Frank Chan Buys Canal Street Retail Properties for $33M

Evergold Group has acquired three retail properties in Chinatown for a total of $33 million, according to city records made public Wednesday.

Evergold, through the entity Evergold Fund, purchased 224, 232 and 234 Canal Street from George Terranova, who used the entity 224 Canal Street, records show.

Frank Chan, a managing member at Evergold, signed for the buyer, while Terranova signed for the seller, according to records.

Raber Enterprises’ Jonathan Maimran and Lance Steinberg brokered the deal, according to Traded. Chan is also a leading partner at Raber Enterprises. 

Maimran did not immediately respond to a request for comment, while spokespeople for Evergold and Terranova could not be reached for comment.

The three retail buildings between Baxter and Centre streets comprise a total of 52,764 square feet, with 224 Canal standing at seven stories, 232 Canal at eight stories and 234 Canal at two stories, according to PropertyShark.

Current tenants of the properties include phone repair shop King Digital iPad iPhone Repair, bubble tea store Kung Fu Tea and restaurant Pizzatown.

Chan’s exact plans for the buildings are unclear, but news of the deal comes after Chan’s Raber Enterprises secured a $71 million refinancing from Morgan Stanley in 2019 on its Crowne Plaza HY36 Midtown Manhattan hotel in the Garment District, as Commercial Observer previously reported.

The developer also built the Even Hotel at 321 West 35th Street, which received a $48.5 million mortgage in 2018 for a refinancing, CO reported at the time.

Isabelle Durso can be reached at idurso@commercialobserver.com.