Cheung Kang Kai obtained financing of $23M from Cathay Bank

Cheung Kang Kai through the entity 31 Ave Realty, LLC as borrower signed a loan agreement with lender Cathay Bank valued at $23.0 million for 1 parcel, including the tax class one-story store building (K1) at 56-02 31 Avenue in Woodside. The deal closed on July 16, 2019 and was recorded on July 23, 2019.
The property contains a total of 41,436 square feet of built space. The property has 41,436 square feet of available development rights.
The average loan per buildable square foot is $555.
The last time the property sold was February 25, 2005, for $3,835,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel.There has been one new building permit application totaling 66,193 square feet. Those plans include a total of 47 residential or hotel units. 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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