Meng Hua Wang refi Madison Realty development debt with $16M from Royal Business Bank in Jamaica

Meng Hua Wang through the entity 90-75 Sutphin Realty LLC as borrower signed a loan agreement with lender Royal Business Bank valued at $16.3 million for 1 parcel, including the tax class office building with two to six stories (O2) at 90-75 Sutphin Boulevard in Jamaica. The deal closed on July 27, 2020 and was recorded on August 13, 2020.
The property contains a total of 278,350 square feet of built space.
The average loan per buildable square foot is $59.
The package refinances $16.3 million in original land loan and project loan debt from Madison Realty Capital. Madison Realty still holds an $18.7 million mortgage for the building loan. The last time the property sold was March 24, 2015, for $17,485,475.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,000,000. Those filings sought to increase the number of residential units by 213 to 213 There was one renovation/alteration project (A2) applied for with a total estimated value of $90,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link