Xiao Jun Chen signs $9.1M construction loan with Cathay Bank for hotel dev site in Bay Ridge

Xiao Jun Chen through the entity Sunshine Brooklyn LLC as borrower signed a new construction loan with lender Cathay Bank through the entity Cathay Bank valued at $9.1 million for the development site (V1) at 636 86th Street in Bay Ridge, Brooklyn.
The deal closed on November 8, 2021 and was recorded on December 20, 2021.
The property has 0 square feet of built space and 27,015 square feet of additional air rights for a total buildable of 27,015 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $334 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 May 7, 2019, for $5.7 million.
The signatory for Xiao Jun Chen was Xiao Jun Chen.
(322071556) Plans for a 76-unit, 26,930 square-foot R-1 were filed on February 28, 2020.

Within a 400-foot radius of 636 86th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on January 7, 2021 for a 69,160-square-foot E building at 650 86th Street.

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