Ok Hyon Paek obtained financing of $8M from Bank Of Hope

Ok Hyon Paek through the entity 215 Northern Property LLC as borrower signed a loan agreement with lender Bank Of Hope valued at $8.0 million for 1 parcel, including the tax class motel (H4) at 215-34 Northern Boulevard in Bayside. The deal closed on June 07, 2019 and was recorded on September 09, 2019.
The property contains a total of 27,000 square feet of built space. The property has 12,992 square feet of available development rights.
The average loan per buildable square foot is $200.
The last time the property sold was April 06, 2016, for $14,100,000.

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 demolition project filed for the parcels over the past five years. The demolition included 56 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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