Kuan He Wu obtained financing of $21M from Mortgage World Bankers
Kuan He Wu through the entity Good Fortune Realty Of New York, LLC as borrower signed a loan agreement with lender Mortgage World Bankers, Inc. valued at $20.5 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 42-78 Main Street in Flushing. The deal closed on August 13, 2019 and was recorded on August 23, 2019.
The property has 34,681 square feet of available development rights.
The average loan per buildable square foot is $591.
Mortgage World Bankers immediately assigned the $20.5 million to Ponce Bank. The last time the property sold was October 27, 2011, for $8,500,000.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 65,293 square feet. Those plans include a total of 39 residential or hotel units. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link