Yin Chou Hu borrows $23M from Cathay Bank for property in Flushing

Yin Chou Hu through the entity Epic Tower LLC as borrower signed a construction loan agreement with lender Cathay Bank valued at $23.0 million for 41-62 Bowne Street in Flushing. The deal closed on September 19, 2019 and was recorded on October 2, 2019.
Hu filed a new building permit application totaling 87,646 square feet and those plans include a total of 94 residential units. There has been one demolition project filed for the parcels over the past five years.
The project is far along in construction, which Hu has been funding without a mortgage up to this point. The $23 million package is composed of a $21 million building loan and a $2 million project loan. The last time the property sold was August 5, 2015, for $18,500,000.

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 $310,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.