ICBC alleges $70M secured by two Mayflower Queens hotels in default, seeks foreclosure

Industrial and Commercial Bank of China (ICBC) alleges two loans, each for $35 million, secured by two Queens Mayflower Business Group hotels are in payment defaults, and the bank is seeking to foreclose on the loans. ICBC filed the pre-foreclosure action August 20, 2025 in New York State Supreme Court in Queens. The two properties are the 152-key 38-61 12th Street in Long Island City and the 142-room 61-27 186th Street in Fresh Meadows.

Case LINK

Court filings reflect the position of one party and are not necessarily accurate or complete.

According to the complaint, “MIH and MIG defaulted under the Amended Hotel Property Note [38-61 12th Street] and the Hotel Property Consolidation Agreement by failing to make the installment payment due March 1, 2025 and all subsequent payments until all obligations are paid in full… As of August 11, 2025, the Outstanding Obligations due, owing and payable to Plaintiff under the Amended Hotel Property Note and the Hotel Property Consolidation Agreement consist of: (i) $32,337,646.02 in principal… MBG and Wenyu defaulted under the Amended FM Note [61-27 186th Street] and the FM Consolidation by failing to make the installment payment due March 1, 2025 and all subsequent payments until all obligations are paid in full… As of August 11, 2025, the Outstanding Obligations due, owing and payable to Plaintiff under the Amended FM Note and the FM Consolidation consist of: (i) $31,988,354.41 in principal…”

The hotel building 38-61 12th Street in Long Island City, the former Howard Johnson by Wyndham Long Island City, has 58,960 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $17.4 million. The most recent loan totaled $35 million and was provided by Industrial and Commercial Bank of China on January 6, 2022.

This property was sold for $1.1 million on April 29, 2010.

The 58,960-square-foot property generated revenue of $4.8 million or $82 per square foot, according to the most recent income and expense figures.

Xiao Zhuang Ge of Mayflowers Int’L Hotel Mgmt LLC submitted a new building construction project for a 152-unit, 49,996 square-foot hotel/dormitory/shelter (R-1) building at 38-61 12 St. The plan was filed on February 17, 2011 and was permitted on January 19, 2012. It calls for the construction of a 125-foot tall, 11-story building and was filed with the New York City Department of Buildings under job number 420324544. The project is described in the filing as: new 11-story hotel.

For the tax lot building, it received its initial certificate of occupancy on September 5, 2014.

The hotel building at 61-27 186th Street in Fresh Meadows, the former Wyndham Garden Fresh Meadows Flushing, has 76,367 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 12,000 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $21.6 million. The most recent loan totaled $35 million and was provided by Industrial and Commercial Bank of China on August 12, 2021.

This property was sold with 3 other properties for $3.5 million on June 10, 2011.

The 76,367-square-foot property generated revenue of $4.5 million or $59 per square foot, according to the most recent income and expense figures.

Xiao Zhuang Ge of Mayflowers Business Group LLC submitted a new building construction project for a 142-unit, 57,586 square-foot hotel/dormitory/shelter (R-1) building at 61-27 186 St. The plan was filed on July 18, 2012 and was permitted on April 17, 2014. It calls for the construction of a 125-foot tall, 12-story building and was filed with the New York City Department of Buildings under job number 420595038. The project is described in the filing as: new 12 story hotel building.

For the tax lot building, it received its initial certificate of occupancy on January 3, 2017.

Direct link to the property’s 38-61 12th Street ACRIS page
Direct link to the property’s 61-27 186th Street ACRIS page