Dong Maohua and Yong Qiu borrow $49M from Delta FP Holdings LLC for development in Flushing

Dong Maohua and Yong Qiu through the entity Flushing Point Holding LLC as borrower signed a loan agreement with lender Delta FP Holdings LLC valued at $49 million for 1 parcel at 131-02 40th Road in Flushing. The deal closed on December 8, 2020 and was recorded on December 24, 2020.

Churchill Real Estate claims it is owed a break-up fee tied to this financing round, PincusCo reported in another article today. The last time the property sold was October 9, 2015 for $45,173,062.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $3,300,000.There have been 3 new building permit applications.
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