Ding Liang Cao signs $11M refi loan with Hana Bank for industrial in Maspeth

Ding Liang Cao through the entity DC Woodside LLC as borrower signed a refi loan with lender Hana Bank through the entity Hana Bank USA valued at $11 million for the industrial building (E1) at 71-08 51st Avenue in Maspeth, Queens.
The deal closed on March 20, 2025 and was recorded on April 28, 2025. The prior lender was Cathay Bank which held debt that had an original loan amount of $6.5 million.The property has 26,000 square feet of built space and 4,582 square feet of additional air rights for a total buildable of 30,550 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $424 and the price per buildable square foot is $361 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 owner bought the property on August 29, 2019, for $9.5 million. The signatory for Ding Liang Cao was Ding Liang Cao.

Prior sales and revenue

The 26,000-square-foot property generated revenue of $800,670 or $31 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 26,000 square feet of built space and 4,582 square feet of additional air rights for a total buildable of 30,550 square feet according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 165 feet deep with a total lot size of 30,550 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.8 million. The most recent loan totaled $6.5 million and was provided by Cathay Bank on August 29, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 12, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.4 times the average sales volume among other neighborhoods with $377.8 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 396,123 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 26,000 square feet on the block.The identified owner is Ding Liang Cao.
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Ding Liang Cao owned at least one commercial property in New York City with 26,000 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Cathay Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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