Zhangyin Lyn, Jian Fei Chen get $24.5M construction loan for 74-unit project in LIC

Zhangyin Lyn and Jian Fei Chen through the entity 37-29 31st St LLC as borrower signed a loan agreement with lender Popular Bank valued at $24.5 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 37-29 31st Street in Long Island City. The deal closed on September 30, 2020 and was recorded on October 20, 2020.
There has been one new building permit application totaling 65,925 square feet. Those plans include a total of 74 residential units
The average loan per buildable square foot is $372.
The last time the property sold was August 27, 2019, for $13,300,000.

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 $200,000. 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

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