Shou An Li borrows $17.1M construction loan from East West Bank for residential project in Woodside

Shou An Li through the entity 52 Roosevelt Ave Inc. as borrower signed a new construction loan agreement with lender East West Bank valued at $17.1 million covering 3 parcels, including the tax class one-story store building (K1) at 51-24 to 51-30 Roosevelt Avenue in Woodside. The deal closed on March 17, 2020 and was recorded on July 23, 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 47,643 square feet. Those plans include a total of 40 residential units. There has been one demolition project filed for the parcels over the past five years.

The financing includes a $14.5 million building loan and a $2.6 million project loan. The last time the property sold was November 30, 2018, for $3,675,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link