Shafquat Chaudhary borrows $12M from Emerald Creek Capital for garage property in LIC

Shafquat Chaudhary through the entity Elite R.E. Corp. as borrower signed a loan agreement with lender Emerald Creek Capital 3, LLC valued at $11.8 million for a garage at 36-01 37th Avenue in Long Island City. The deal closed on November 7, 2019 and was recorded on December 6, 2019.
The property contains a total of 57,820 square feet of built space.
The average loan per buildable square foot is $204.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $2,073,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link