Teddy Li and Zheng Chen borrow $41M from Madison Realty Capital for hotel development in Long Island City

Teddy Li and Zheng Chen through the entity 559 Development, LLC as borrower signed a loan agreement with lender Madison Realty Capital through the entity 38-59 11th Street 1 LLC valued at $41.4 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 38-61 11th Street in Long Island City. The deal closed on October 31, 2019 and was recorded on December 4, 2019.

Madison Realty lent the money to complete construction of the hotel. The loan is also secured by additional properties, filings show.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $610,000.There have been 2 new building permit applications totaling 173,614 square feet. Those plans include a total of 356 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link