Xiu Hui Lu borrows $12M from Cathay Bank for new hotel property in Sunset Park

Xiu Hui Lu through the entity Prospect Brothers Realty LLC as borrower signed a loan agreement with lender Cathay Bank valued at $12 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 150 20th Street in Sunset Park. The deal closed on March 19, 2020 and was recorded on March 25, 2020.
The property contains a total of 30,687 square feet of built space.
The average loan per buildable square foot is $391.
The last time the property sold was November 9, 2015, for $4,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 84 residential (or hotel) units on April 11, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $46,000.There has been one new building permit application totaling 25,028 square feet. Those plans include a total of 84 hotel units. 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