Yu Liu borrows $5.9M from ConnectOne Bank to buy dev site in Long Island City

Yu Liu through the entity ZL 2720 LLC as borrower signed a loan agreement with lender ConnectOne Bank valued at $5.9 million for 1 parcel, including the tax class semi-fireproof manufacturing building (F4) at 27-20 42nd Road in Long Island City. The deal closed on August 28, 2020 and was recorded on September 9, 2020.
The property contains a total of 6,000 square feet of built space. The property has 39,560 square feet of available development rights.
The average loan per buildable square foot is $148.
This is an acquisition loan for a parcel where Yu Liu is developing a 51-unit building. No building loans have been recorded yet.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link