Good Fortune Realty signs $7.6M refi with NewBank for retail in Flushing

Good Fortune Realty of New York through the entity KH Realty Of Flushing LLC as borrower signed a refi loan with lender NewBank valued at $7.6 million for the ground floor commercial condominium at 42-76 Main Street in Flushing, Queens.
The deal closed on July 31, 2024 and was recorded on September 3, 2024. The prior lender was Hirshmark Capital which held debt that had an original loan amount tied to this unit, of $7.6 million.
The property has 10,536 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $721 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 Good Fortune Realty of New York was Kuan He Wu. The signatory for NewBank was Hee Chul Chung. Hirshmark Capital assigned a portion of a larger loan to this commercial unit, and that loan was assigned to NewBank.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 142,145 square feet of the 188,302 square feet. The largest owner is Good Fortune Realty Of New York, followed by Eric Chang and then Jan How Kang.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 188,302 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Good Fortune Realty Of New York owned at least one commercial property with 39 residential units in New York City with 71,700 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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