Judy Chang borrows $5M from International Bank Of Chicago for property in Long Island City

Judy Chang through the entity Royal CP Hotel Holdings, L.P. as borrower signed a loan agreement with lender International Bank Of Chicago valued at $5.0 million for 8 parcels at 42-39 Crescent Street, 42-37 Crescent Street, 42-35 Crescent Street, 42-33 Crescent Street, 42-31 Crescent Street, and others in Long Island City. The deal closed on July 29, 2019 and was recorded on October 7, 2019.
The property contains a total of square feet of built space. The property has 80,645 square feet of available development rights.
The average loan per buildable square foot is $47.
The last time the property sold was August 25, 2016, for $12,543,374.

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 82,941 square feet. Those plans include a total of 175 residential or hotel units.
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Direct link to the city’s interactive property map, ZOLA. link

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