Xiao Ke Tang signs $29.5M refi loan with New York Community Bank for elevator rental in Maspeth

Xiao Ke Tang through the entity Jj Queens Development LLC as borrower signed a refi loan with lender New York Community Bank valued at $29.5 million for the elevator rental property at 46-02 70th Street in Maspeth, Queens.
The deal closed on May 23, 2022 and was recorded on June 17, 2022. The prior lender was Popular Bank which held debt that had an original loan amount of $23.5 million.
The signatory for Xiao Ke Tang was Xiao Ke Tang. The signatory for New York Community Bank was Kathleen M. Dempsey.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 89,935 square feet of the 114,061 square feet. The largest owner is Xiao Ke Tang, followed by Madison Realty Capital and then LIRR. There are three active new building construction projects totaling 852,330 square feet. The largest is a 295-unit, 424,665-square-foot R-2 building developed by Allen Konstam with plans filed June 1, 2019 and permitted December 13, 2021. The second largest is a 183-unit, 424,665-square-foot R-2 building developed by Allen Konstam with plans filed June 14, 2019 and permitted November 17, 2021.

The majority, or 78 percent of the 115,465 square feet of built space are residential elevator buildings, with industrial buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Xiao Ke Tang owned at least three commercial properties with 125,122 square feet and a city-determined market value of $17.8 million. (Market value is typically about 50% of actual value.) The portfolio has $30.3 million in debt, borrowed from Popular Bank and Cathay Bank. Within the portfolio, the bulk, or 92 percent of the 125,122 square feet of built space are elevator properties, with M1 properties next occupying 8 percent of the space. They are all located in Queens.

Surrounding

Within a 400-foot radius of 46-02 70th Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on November 17, 2021 for a 270,075-square-foot R-2 building with 183 residential units at 46-10 70th Street.
Of those six items, four were loans above $5 million totaling $215.5 million. The most recent of the four was Ching Lam which borrowed $8 million from Golden Bridge Funding secured by the 10,101-square-foot, 98-unit rental (D6) on 45 Avenue and four other properties on March 8, 2022.

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