Xiaozheng Tang obtained financing of $14M from Cathay Bank

Xiaozheng Tang through the entity 62-41 Forest Avenue LLC as borrower signed a loan agreement with lender Cathay Bank valued at $14.2 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) and containing 44 residential units at 62-49 Forest Avenue in Ridgewood. The deal closed on July 18, 2019 and was recorded on July 30, 2019.
The property contains a total of 41,912 square feet of built space.
The average loan per unit is $322,727.
The last time the property sold was July 29, 2014, for $3,800,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 42 residential (or hotel) units on March 22, 2019.

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