Kwang Nam Park borrows $10M from TD Bank for property in Queens

Kwang Nam Park through the entity S & I Property Management LLC as borrower signed a loan agreement with lender TD Bank valued at $9.5 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 131-23 31st Avenue in Queens. The deal closed on September 12, 2019 and was recorded on September 17, 2019.
The property contains a total of 75,560 square feet of built space. The property has 32,185 square feet of available development rights.
The average loan per buildable square foot is $88.
The last time the property sold was April 14, 2006, for $11,500,000.

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 $356,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link