Makan Singh Sandhu borrows $18M from Castellan Real Estate Partners for development in LIC

Makan Singh Sandhu through the entity 38-26 11th Street LLC as borrower signed a loan agreement with lender Castellan Real Estate Partners through the entity CREIF 190 LLC valued at $17.7 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 38-26 11th Street in Long Island City. The construction loan closed on December 18, 2019 and was recorded on December 24, 2019.

The last time the property sold was April 4, 2017, for $4,250,000.

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 has been one new building permit application totaling 18,949 square feet. Those plans include a total of 54 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link