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
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.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Sale 21 Howard Street Adam Rubin, Andrew Shanfeld, Jeremy Aidan, Ebi Khalili, Josh Rahmani, And Andrew Rosen Acquire Mixed-Use Property From Phillip Chong For $35.03M SOLD $35,025,000 JA JR + 2 Mixed-use 103,500 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $338 Total Square Footage: Transaction Type: The property asset involved in this transaction is located at 21 Howard Street in Manhattan. It is categorized as a mixed-use asset and encompasses a total of 103,500 square feet. The sale price recorded for this property was $35,025,000, resulting in a price per square foot of $338. Summary of transaction details: Property Type: Mixed-use Transaction Amount: $35,025,000 Address: 21 Howard Street Market: Manhattan Square Footage: 103,500 Price per Square Foot: $338 Buyer: Adam Rubin, Andrew Shanfeld, Jeremy Aidan, Ebi Khalili, Josh Rahmani, Andrew Rosen Seller: Phillip Chong Broker: Chirag Doshi - Meridian Capital Group The transaction involved a group of buyers consisting of Adam Rubin, Andrew Shanfeld, Jeremy Aidan, Ebi Khalili, Josh Rahmani, and Andrew Rosen, who collectively facilitated the acquisition. The seller of the property was Phillip Chong, while the deal was brokered by Chirag Doshi from Meridian Capital Group, who represented the seller in this transaction. Players All Brokers Buyers | Sellers Chirag Doshi 8 deals $224.2M volume BROKER Jeremy Aidan 4 deals $35M volume BUYER Josh Rahmani $673.1M volume Adam Rubin 10 deals $647.6M volume Andrew Shanfeld 7 deals $340M volume Details Deal Summary IMAGE: Andrew Shanfeld, Adam Rubin, Jeremy Aidan, Ebi Khalili, Josh Rahmani, Chirag Doshi & Andrew Rosen DATE: 5/4/2026 ADDRESS: 21 Howard Street MARKET: Manhattan ASSET TYPE: Mixed-use BUYER: Adam Rubin, Andrew Shanfeld, Jeremy Aidan, Ebi Khalili, Josh Rahmani & Andrew Rosen SELLER: Phillip Chong BROKER: Chirag Doshi (@Chirag_Doshi) - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $35,025,000 SF: 103,500 ~ PPSF: $338 Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $1,867,999.99 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$124,436.43 Cash-on-Cash Return -1.27% Monthly Debt Service $166,036.37 Annual Debt Service $1,992,436.43 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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