Ching Lam signs $13M loan with Golden Bridge for 90-unit development in Maspeth

Ching Lam through the entity Skyhill LLC as borrower signed a new construction loan with lender Golden Bridge Funding through the entity Golden Bridge R2 LLC valued at $13 million for five properties including the  90-unit development (D7) at 70-33 Queens Boulevard in Maspeth, Queens, and development building (V1) at 70-25 Queens Boulevard in Maspeth, Queens.
On these lots, there is a new building project for a 90-unit, 100,508 square-foot R-2 building developed by Henry Lam with plans filed June 26, 2018 and permitted April 4, 2019.
The deal closed on December 9, 2022 and was recorded on January 17, 2023. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $8 million. The five properties have 118,542 square feet of built space and 90,701 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $109 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 Ching Lam was Ching Lam.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 70-33 Queens Boulevard.

The property

The 70-33 Queens Boulevard parcel has frontage of 129 feet and is 122 feet deep with a total lot size of 12,995 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.The most recent loan totaled $8 million and was provided by Golden Bridge Funding on February 10, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,250 in ECB penalties in the last year.

The block

On the tax block of 70-33 Queens Boulevard, PincusCo has identified the owners of eight of the 20 commercial properties representing 185,568 square feet of the 224,588 square feet. The largest owner is Xin Xiang Lin, followed by The Hakimian Organization and then Hakimian Organization.
On the tax block, there were seven new building construction projects totaling 521,122 square feet. The largest is a 346-unit, 286,274-square-foot R-2 building developed by Jason Hakimian with plans filed September 27, 2019 and permitted November 16, 2021. The second largest is a 90-unit, 100,508-square-foot R-2 building developed by Henry Lam with plans filed January 15, 2016 and it has not been permitted yet.

The majority, or 83 percent of the 224,588 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Ching Lam owned at least six commercial properties in New York City with 185,739 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) The portfolio has $17 million in debt, borrowed from Golden Bridge Funding. Within the portfolio, the bulk, or 64 percent of the 185,739 square feet of built space are elevator properties, with mixed-use properties next occupying 36 percent of the space. They are all located in Queens.

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