Hui Ian Cheng signs $31M refi with Cathay Bank for mixed-use building in Flushing

Hui Ian Cheng through the entity Kam Kee Realty, Inc. as borrower signed a refi loan with lender Cathay Bank valued at $31 million for the mixed-use building (K2) at 41-28 Main Street in Flushing, Queens.
The deal closed on October 7, 2021 and was recorded on November 5, 2021.
The property has 16,200 square feet of built space and 3,483 square feet of additional air rights for a total buildable of 19,683 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,913 and the price per buildable square foot is $1,574 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 Hui Ian Cheng was Hui Ian Cheng.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $773,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $97,525. One of the projects were to change the building from a C to a B and were permitted on October 22, 2020.

Within a 400-foot radius of 41-28 Main Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on August 25, 2020 for a 23,507-square-foot B building at 133-20 41st Road.
One of those two items was a loan which Jin Ping Zhu borrowed $13.7 million from Amerasia Bank secured by the 7,600-square-foot, four-unit retail building (K1) on 41-16 Main Street on October 14, 2020.

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