Chon Property borrows $15M from Pacific City Bank for commercial property in College Point

Steve Chon’s Chon Property through the entity Chon Property, Corp as borrower signed a loan agreement with lender Pacific City Bank valued at $15.0 million for 1 parcel, including the tax class amusement places, bathhouses, boat houses (P6) at 11-11 131st Street in College Point. The deal closed on December 20, 2019 and was recorded on December 27, 2019.
The property contains a total of 99,239 square feet of built space.
The average loan per buildable square foot is $151.
The last time the property sold was July 15, 2005, for $3,635,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $171,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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