Gary Tsan, Jianfei Chen borrow $27M from W Financial REIT to buy Flushing development site

Gary Tsan, Jianfei Chen through the entity 37 Ave Richouse LLC as borrower signed a loan agreement with lender W Financial Reit, Ltd valued at $27 million for the purchase of 2 parcels, including the tax class miscellaneous warehouse (E9) at 133-24 36th Road, 133-28 36th Road in Flushing. The deal closed on February 20, 2020 and was recorded on March 4, 2020.

Tsan and Chen borrowed a total of $27 million from W Financial REIT for the $58.5 million acquisition of the parcel. The prior debt was $9.2 million provided by Asia Bank to the prior owner, and that debt was assigned to W Financial, and a $19 million gap loan was added.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 204,123 square feet. Those plans include a total of 506 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.