Ronald Ji signs $26M refi loan with Popular Bank for rental in Sunnyside

Ronald Ji through the entity 50-11 Queens Boulevard LLC as borrower signed a refi loan with lender Popular Bank valued at $26 million for the 75-unit rental (D7) at 43-46 51st Street in Sunnyside, Queens.
The deal closed on October 29, 2021 and was recorded on November 16, 2021.
The property has 80,171 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $324 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.
(421625245) Plans for a 75-unit, 59,996 square-foot R-2 were filed on April 20, 2018 and were permitted on March 29, 2019.

Within a 400-foot radius of 43-46 51st Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on August 14, 2020 for a 47,643-square-foot R-2 building with 40 residential units at 51-24 Roosevelt Avenue.

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