Zhidong Wu borrows $46M from Maxim Credit Group for multifamily property in Long Island City

Zhidong Wu through the entity Jackson 2524 LLC as borrower signed a loan agreement with lender Maxim Credit Group, LLC valued at $46.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 58 residential units at 45-07 Court Square in Long Island City. The deal closed on November 21, 2019 and was recorded on December 2, 2019.
The property contains a total of 75,936 square feet of built space.
The average loan per unit is $779,526.
The last time the property sold was January 9, 2015, for $15,750,000. The prior debt was provided in 2018 by Preferred Bank, totaling $28,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 6, 2016.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 62,908 square feet. Those plans include a total of 58 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