Steven Li signs $8.9M construction loan with Cathay Bank for 40-unit Richmond Hill development

Steven Li and Jay Lau through the entity 132-77/99 Metro Realty Group LLC as borrower signed a new construction loan with lender Cathay Bank valued at $8.9 million for the development parcels including the development site (V1) at 132-77 Metropolitan Avenue in Richmond Hill, Queens.
The deal closed on June 25, 2021 and was recorded on August 4, 2021.
(Q00501562) Plans for a 40-unit, 49,860 square-foot R-2 were filed on April 18, 2021.
The signatory for Steven Li and Jay Lau was Steven Li and Jay Lau.

Within a 400-foot radius of 132-77 Metropolitan Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permits. The most recent of these two items was a permit on July 13, 2021 for a 19,799-square-foot residential R-2 building with 21 residential units at 132-47 Metropolitan Avenue.

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