SHANGRI-LA LIC LLC obtained financing of $13M from CATHAY BANK

SHANGRI-LA LIC LLC as borrower signed a loan agreement with lender CATHAY BANK valued at $13.2 million for 1 parcel, including the tax class special construction, fireproof manufacturing building such as for printing plant, etc. (F2) at 14-33 31 Avenue in Astoria. The deal closed on June 27, 2019 and was recorded on July 12, 2019.
The property contains a total of 43,722 square feet of built space. The property has 43,722 square feet of available development rights.
The average loan per buildable square foot is $302.
The last time the property sold was June 15, 2018, for $13,250,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel.There has been one new building permit application totaling 43,705 square feet. Those plans include a total of 63 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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