Yuk Chiu Chan borrows $6M from Cathay Bank for retail property in Elmhurst

Yuk Chiu Chan through the entity Summer 2010 LLC as borrower signed a loan agreement with lender Cathay Bank valued at $5.5 million for 1 parcel, including the tax class two-story or store and office (K2) at 78-21 Queens Boulevard in Elmhurst. The deal closed on May 21, 2020 and was recorded on May 28, 2020.
The property contains a total of 14,328 square feet of built space.
The average loan per buildable square foot is $384.
The last time the property sold was April 1, 2015, for $4,450,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 6, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $180,000.There has been one new building permit application totaling 147,645 square feet. Those plans include a total of 138 residential or 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