Xiang Yu Cao signs $20M refi with Preferred Bank for two rentals in Flushing, was in bankruptcy

Xiang Yu Cao signs $20 million refi loan with Preferred Bank for two residential elevator buildings in Flushing in two separate transactions.

The property was involved in one bankruptcy over the past two years. The bankruptcy was filed on September 28, 2021, by Xiangyu Cao citing assets of $22.5 million. In addition, according to city public data, the property has received one DOB violation, two housing violations, and $6,300 in OATH penalties in the last year.

In the first, Xiang Yu Cao through the entity Qing Xi 107 LLC as borrower signed a refi loan with lender Preferred Bank valued at $10.3 million for the 64-unit residential elevator building (D1) at 134-38 Maple Avenue in Flushing, Queens.
The deal closed on September 14, 2022 and was recorded on September 26, 2022. The prior lender was Mohammad A. Malik which held debt that had an original loan amount of $18.3 million.The property has 63,325 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $162 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Xiang Yu Cao was Xiang Yu Cao. The signatory for Preferred Bank was Sylvia Tseng.

In the second, Xiang Yu Cao through the entity Maple Golden 168 LLC as borrower signed a refi loan with lender Preferred Bank valued at $9.7 million for the 49-unit residential elevator building (D1) at 134-37 Maple Avenue in Flushing, Queens. The deal closed on September 14, 2022 and was recorded on September 26, 2022. The prior lender was Mohammad A. Malik which held debt that had an original loan amount of $11.1 million. The property has 33,490 square feet of built space and 10,980 square feet of additional air rights for a total buildable of 44,469 square feet according to PincusCo analysis of city data. The loan price per built square foot is $289 and the price per buildable square foot is $218 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.) The owner bought the property on July 18, 2007, for $1.3 million. The signatory for Xiang Yu Cao was Xiang Yu Cao. The signatory for Preferred Bank was Sylvia Tseng.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Stephanie Goldstone, head officer and Michael Mintz, officer. The business entity is Stephanie Goldstone, As Receiver. The 63,325-square-foot property generated revenue of $1.2 million or $18 per square foot, according to the most recent income and expense figures.

The property

The 134-38 Maple Avenue parcel has frontage of 110 feet and is 130 feet deep with a total lot size of 14,300 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.6 million.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

all properties are elevator.

The borrower

The PincusCo database currently indicates that Xiang Yu Cao owned at least one commercial property in New York City with 13,123 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

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