Hiu Ian Cheng borrows $17M from Bank of Hope for hotel in Long Island City

Hiu Ian Cheng through the entity 38-11th Street, LLC as borrower signed a loan agreement with lender Bank Of Hope valued at $17.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 38-42 11th Street in Long Island City. The deal closed on December 12, 2019 and was recorded on December 26, 2019.
The property contains a total of 69,045 square feet of built space.
The average loan per buildable square foot is $246.
The last time the property sold was December 21, 2006, for $2,100,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 133 hotel units on July 11, 2019.
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.There has been one new building permit application totaling 50,457 square feet. Those plans include a total of 133 hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link