BongHo Ha and MiKwang Ha borrow $6M from Bank of Hope to acquire property in Flushing

BongHo Ha and MiKwang Ha through the entity 16214 Sanford, LLC as borrower signed a loan agreement with lender Bank of Hope valued at $5.6 million for 3 parcels, including the tax class professional-type office building (O7) at 162-14 Sanford Avenue, 42-10 163rd Street, 42-16 163rd Street in Flushing. The deal closed on March 10, 2020 and was recorded on March 16, 2020.
The property has 24,643 square feet of available development rights.
The average loan per buildable square foot is $227.
The borrowers took out an acquisition loan.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $100,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link