21 Howard Street
21 Howard Street is a 103,500 SF mixed-use asset in Tribeca transacting at $338 PPSF, which is materially below the $1,200–$2,100 range seen in comparable SoHo/Tribeca mixed-use sales, suggesting either significant vacancy, rent-stabilized residential floors, below-market leases, or deferred capital needs that suppress in-place income. The calculator data indicates a sub-1.0x DSCR (0.94x) and negative cash-on-cash return at current leverage, which is a meaningful underwriting red flag for a private lender unless the buyer group is bringing substantial equity and has a credible value-add business plan. The buyer consortium is well-credentialed with deep aggregate deal volume in NYC, and Meridian Capital Group's involvement as broker adds institutional process credibility. Market context is constructive — Tribeca mixed-use assets with repositioning upside remain in demand — but the income gap relative to debt service must be addressed before this deal meets standard DSCR thresholds. Lender should require detailed rent roll, lease expiration schedule, and a clear path to stabilization before advancing proceeds.
Deal Stats
Parties
Seller / Landlord
Phillip Chong
Phillip Chong appears to be a private investor or owner-operator holding a legacy mixed-use asset in Tribeca; limited public profile data suggests a long-term hold disposition rather than an institutional seller, consistent with the below-market PPSF relative to SoHo/Tribeca comps.
Buyer / Tenant
Adam Rubin, Andrew Shanfeld, Jeremy Aidan, Ebi Khalili, Josh Rahmani & Andrew Rosen
The buyer group is a consortium of experienced NYC real estate investors with a combined deal volume exceeding $1.6B; notably Adam Rubin (10 deals, $647.6M volume) and Josh Rahmani ($673.1M volume) anchor the group with strong track records in Manhattan mixed-use acquisitions. The syndicated structure suggests a joint venture or club deal approach, which is common for SoHo/Tribeca mixed-use assets of this scale, and the team's collective depth provides meaningful execution certainty.
Score Analysis
What this score means
Equity Power is the extra loan amount your score unlocks on top of your current mortgage.
A Grade B score indicates this deal qualifies for financing at up to 70% LTV, subject to full underwriting. Most deals at this level proceed to a term sheet within 2 business days.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
