Uikun Lee borrows $47M from Bank Of Hope for two NYC properties

UPDATED with correction: Uikun Lee as the signatory for two entities borrowed a total of $47 million from the Bank Of Hope for two New York City properties in two transactions.

In the larger, Uikun Lee through the entity Main 15 Limited Partnership as borrower signed a loan agreement with lender Bank Of Hope valued at $27 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 39-17 Main Street in Flushing. The deal closed on September 25, 2020 and was recorded on October 13, 2020.
The property contains a total of 29,373 square feet of built space.
The average loan per buildable square foot is $919.
The financing includes $6.16 million in new debt, and pays down a $24 million loan from Wilshire Bank.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $85,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Uikun Lee through the entity Roosevelt-Lee Limited Partnership as borrower signed a loan agreement with lender Bank Of Hope valued at $20.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 34 West 32nd Street in Garment District. The deal closed on September 25, 2020 and was recorded on October 13, 2020.
The property contains a total of 54,118 square feet of built space.
The average loan per buildable square foot is $369.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 16, 2012.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,100. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $934,490.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: In a previous version of this post, the buyer signatory was incorrectly identified as Jay Sung Lee. In fact, the signatory for the buyer was Uikun Lee, a general partner of the purchasing entities. Jay Sung Lee was the attorney for the lender, Bank of Hope.