Andy Wong signs $23M refi for unsold commercial condos in Sunset Park

Andy Wong through the entity Golden 8th Avenue Realty Corp as borrower signed a refi loan with lender Cathay Bank valued at $23 million for 28 unsold commercial condominium units at 5521 8th Avenue in Sunset Park, Brooklyn.
The deal closed on August 8, 2023 and was recorded on September 5, 2023. The prior lender was Shanghai Commercial Bank which held debt that had an original loan amount of $36.4 million.

The signatory for Andy Wong was Andy Wong. The signatory for Cathay Bank was James Pai.

The block

On the tax block of 5521 8th Avenue, PincusCo has identified the owners of one of the 14 commercial properties representing 2,328 square feet of the 56,664 square feet. The identified owner is Yong Xiang Li.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 56,664 square feet of built space are mixed-use buildings, with office buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Andy Wong owned at least one commercial property in New York City with 98,800 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) The portfolio has $33.5 million in debt, borrowed from Shanghai Commercial Bank. The portfolio consists of at least a single O5 property. It is located in Brooklyn.

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