Ronald Ji signs $20M refi loan with Cathay Bank for 75-unit rental in Sunnyside

Ronald Ji through the entity 50-11 Queens Boulevard, LLC as borrower signed a refi loan with lender Cathay Bank valued at $20 million for the 75-unit residential elevator building (D7) at 50-11 Queens Boulevard in Sunnyside, Queens.
The deal closed on April 28, 2023 and was recorded on May 12, 2023. The prior lender was Popular Bank which held debt that had an original loan amount of $26 million.The property has 80,171 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $249 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 June 17, 2010, for $3.7 million. The signatory for Ronald Ji was Ronald Ji.

Prior sales and revenue

The 80,171-square-foot property generated revenue of $2.7 million or $34 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 75 residential units in Sunnyside has 80,171 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 116 feet deep with a total lot size of 11,944 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.7 million. The most recent loan totaled $26 million and was provided by Popular Bank on October 29, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $1,280 in ECB penalties, and $1,980 in OATH penalties in the last year.


For the tax lot building, it received its initial certificate of occupancy on January 3, 2022.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 86,499 square feet of the 121,390 square feet. The two identified owners are Ronald Ji and Jenny Ma.

The majority, or 66 percent of the 121,390 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Ronald Ji owned at least one commercial property with 75 residential units in New York City with 80,171 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $26 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single elevator property. It is located in Queens.

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