Jianzhong Zhan signs $20M construction loan for 56-unit project in Flushing

Jianzhong Zhan through the entity American HK Development Inc. as borrower signed a new construction loan with lender Cathay Bank valued at $20 million for the 56-unit project at 31-35 137th Street in Flushing, Queens.
On the lot, there is one active new building construction project for a 56-unit, 50,455 square-foot R-2 building. The project was submitted by Mei Yong Xiao with plans filed January 24, 2018 and permitted July 29, 2019.
The loan closed on June 1, 2023 and was recorded on June 13, 2023.
The signatory for Jianzhong Zhan was Jianzhong Zhan.

The property

The parcel has frontage of 140 feet and is 125 feet deep with a total lot size of 16,994 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

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 received one DOB violation, $7,500 in ECB penalties, and $7,700 in OATH penalties in the last year.

The neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.2 times the average sales volume among other neighborhoods with $763.8 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 2.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 50,455 square feet. It is a 56-unit, 50,455 square-foot residential (R-2) building submitted by Mei Yong Xiao with plans filed January 24, 2018 and permitted July 29, 2019.

The majority, or 100 percent of the 10,012 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

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