Mayflower Business Group signs $35M refi loan with ICBC for hotel in LIC

The Mayflower Business Group through the entity Mayflowers International Hotel Management LLC as borrower signed a refi loan with lender Industrial and Commercial Bank of China valued at $35 million for the 152-unit hotel building at 38-59 12th Street in Long Island City, Queens.
The deal closed on January 6, 2022 and was recorded on January 26, 2022. The prior lender was Land Bank of Taiwan which held debt that had an original loan amount of $25 million.
The property has 58,960 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $593 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 29, 2010, for $1.1 million.
The signatory for Mayflower Business Group was Xiaozhuang Ge and Weihong Hu. The signatory for Industrial and Commercial Bank of China was Carmen Lee and Amy Tsang-Tong.
The 58,960-square-foot property generated revenue of $4.8 million or $82 per square foot, according to the most recent income and expense figures.

(420324544)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 152 residential units on September 5, 2014. (420324544) Plans for a 152-unit, 49,996 square-foot R-1 were filed on February 17, 2011 and were permitted on January 19, 2012.

In Long Island City, the bulk, or 33 percent of the 66.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other hotel buildings in the past 12 months.
On the tax block, the majority, or 60 percent of the 201,715 square feet of built space are hotel buildings, with industrial buildings next occupying 23 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Weihong Hu, head officer and Leo Ge, site manager. The business entity is Mayflower International Hotel Management Llc.
Within a 400-foot radius of 38-59 12th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 26, 2021 for the $250,000 renovation of 9,471-square-foot E building with one residential units at 11-11 40th Avenue.
Of those three items, two were loans above $5 million totaling $56.8 million. The most recent of the two was United Construction & Development Group which borrowed $15.4 million from Amerant Bank secured by the 19,669-square-foot, one-unit retail building (K1) on 38-50 21st Street on October 9, 2020.

Direct link to Acris document. link