Cai Yu Chen signs $18M construction loan with Bank of Hope for 44-unit project in Flushing

Cai Yu Chen through the entity 136-78 LLC as borrower signed a new construction loan with lender Bank of Hope valued at $18 million for a 44-unit development at 136-78 41st Avenue in Flushing, Queens.
The deal closed on November 9, 2021 and was recorded on December 27, 2021.
The two properties have 6,126 square feet of built space and 24,145 square feet of additional air rights for a total buildable of 30,272 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,938 and the price per buildable square foot is $594 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 Cai Yu Chen was Cai Yu Chen.
(421580890) Plans for a 44-unit, 39,071 square-foot R-2 were filed on December 7, 2017 and were permitted on August 3, 2021.
The owner according to the Department of Housing Preservation and Development is Hui Chen, head officer. The business entity is 136-78 Llc.

Within a 400-foot radius of 136-78 41st Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 20, 2021 for the $1.6 million renovation of 13,989-square-foot B building with one residential units at 41-23 Union Street.
One of those two items was a loan which Bluestone Organization borrowed $5.1 million from Capital One secured by the 40,124-square-foot, 44-unit rental (D7) on 142-12 41st Avenue on May 6, 2020.

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