Steven Li signs $11.8M initial loan with Popular Bank for two properties in Kew Gardens

Steven Li through the entity Grosvenor Realty Group II LLC as borrower signed an initial loan with lender Popular Bank valued at $11.8 million for two properties including the single-family house (A3) at 116-09 Grosvenor Lane in Kew Gardens, Queens and development site (V0) at 82-77 116th Street in Kew Gardens, Queens.
The deal closed on June 28, 2021 and was recorded on August 4, 2021.
The two properties have 2,250 square feet of built space and 38,343 square feet of additional air rights for a total buildable of 40,580 square feet according to PincusCo analysis of city data. The loan price price per buildable square foot is $290 per the PincusCo analysis.
The signatory for Steven Li was Steven Li.
(421133865) Plans for a 55-unit, 37,679 square-foot R-2 were filed on February 22, 2021.

Within a 400-foot radius of 82-77 116th Street, PincusCo identified one commercial real estate item of interest that occurred over the past 24 months.
It was a new building permit issued on November 1, 2019 for a 13,966-square-foot residential R-2 building with 19 residential units residential units at 116-17 Grosvenor Lane.

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