Bong Ho Ha signs $4.5M refi with Bank of Hope for funeral home in Murray Hill, Queens

Bong Ho Ha and Mi Kwang Ha through the entity 162-14 Sanford Avenue as borrower signed a refi loan with lender Bank of Hope valued at $4.5 million for a funeral home composed of three properties including the office building (O7) at 162-14 Sanford Avenue,  and parking (G7) at 42-16 163rd Street and (G7) at 42-10 163rd Street in Murray Hill, Queens.
The deal closed on February 4, 2026 and was recorded on February 25, 2026. The prior lender was Bank of Hope which held debt that had an original loan amount of $5.6 million.The three properties have 6,414 square feet of built space and 18,223 square feet of additional air rights for a total buildable of 24,581 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $707 and the price per buildable square foot is $184 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Bong Ho Ha and Mi Kwang Ha was Bong Ho Ha and Mi Kwang Ha. The signatory for Bank of Hope was Hyun Sung Kim .

Prior sales, articles and revenue

Out of the three properties, one with a total of 6,414 square feet of built space generated revenue of $285,936 per year.

The property

The office building in Murray Hill (QN) has 6,414 square feet of built space and 18,223 square feet of additional air rights for a total buildable of 24,581 square feet according to a PincusCo analysis of city data. The parcel has frontage of 148 feet and is 85 feet deep with a total lot size of 14,785 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Murray Hill (QN), The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has had very little sales volume relative to other neighborhoods with $137.5 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 131,196 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 162-14 Sanford Avenue, PincusCo has identified the owners of seven of the 21 commercial properties representing 20,735 square feet of the 62,959 square feet. The largest owner is Bongho Ha, followed by Mordecai Cohen and then Yery Suh.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 62,959 square feet of built space are mixed-use buildings, with office buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Mi Kwang Ha owned at least two commercial properties in New York City with 15,360 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 15,360 square feet of built space are retail properties, with mixed-use properties next occupying 34 percent of the space. They are all located in Queens.

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