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
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.
