Andy Wong borrows $34M from Shanghai Commercial Bank for development in Kensington

Andy Wong through the entity Golden 8th Avenue Realty Corp. as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd. valued at $33.5 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 5515 8th Avenue in Kensington. The deal closed on December 6, 2019 and was recorded on December 20, 2019.
The property contains a total of 55,481 square feet of built space.
The average loan per buildable square foot is $604.
The property is under construction but nearly completed. The debt includes $17.5 million in new financing. The prior lender, Berkshire Bank provided $15.6 million, and the debt was assigned to Shanghai Commercial.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $21,560. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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