Xiao Ke Tang borrows $23.5M from Popular Bank for newly built multifamily in Elmhurst

Xiao Ke Tang through the entity JJ Queens Development LLC as borrower signed a loan agreement with lender Popular Bank valued at $23.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 74 residential units at 46-02 70th Street in Elmhurst. The deal closed on July 14, 2020 and was recorded on August 14, 2020.
The average loan per unit is $317,568.
The package included a $6.5 million gap loan.
Tang filed plans in 2015 to build a 74-unit building. The property was issued its initial temporary certificate of occupancy in April 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link