Xue Mei Yi signs $10.6M construction loan with Cathay Bank for 44-unit project in Jackson Heights

Xue Mei Yi through the entity 9501 Realty LLC as borrower signed a new construction loan with lender Cathay Bank through the entity Cathay Bank valued at $10.6 million for the 44-unit project at 95-01 37th Avenue in Jackson Heights, Queens.
The deal closed on November 10, 2021 and was recorded on February 14, 2022. The prior lender was Cathay Bank which held debt that had an original loan amount of $5 million.
The property has 0 square feet of built space and 38,202 square feet of additional air rights for a total buildable of 38,202 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $277 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 December 31, 2020, for $7.3 million.
The signatory for Xue Mei Yi was Xue Mei Yi.
(421958698) Plans for a 44-unit, 37,331 square-foot R-2 were filed on March 12, 2020 and were permitted on March 18, 2021.
In Jackson Heights, the bulk, or 41 percent of the 41.7 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 33 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $199.6 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 435,140 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 58 percent of the 246,348 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 26 percent of the space.
Within a 400-foot radius of 95-01 37th Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Victor Sismanoglou bought the 31,720-square-foot, 40-unit rental (C1) on 35-35 95th Street and one other property for $12 million from Bronstein Properties on May 21, 2021.
Of those five items, four were loans above $5 million totaling $156.2 million. The most recent of the four was Victor Sismanoglou which borrowed $7.8 million from Sterling National Bank secured by the 31,720-square-foot, 40-unit rental (C1) on 35-35 95th Street and one other property on May 21, 2021.

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