Zhidong Wu’s 5 Court Square in LIC has condo declaration recorded, signaling closings can begin soon

The condominium declaration filed by Zhidong Wu was filed on February 28, 2020 and recorded on May 4, 2020. The declaration is a required step a building must take before condo units can be sold. The condominium plan, number CD180428, was made effective on January 13, 2020 by nine units, or 15 percent.

The condo has 58 residential units, 21 storage units, and 3 commercial units. The Attorney General’s website lists the current sellout price as $73.9 million.

New building plans were filed with the Department of Buildings in September of 2014. The plans called for a 62,908-square-feet, 11-story building with 58 dwelling units. Floor plans stated that there would be retail space on the ground floor with dwelling units on floors 2 through 11. A temporary certificate of occupancy for the building was issued January 10, 2020.

The property was last sold on January 9, 2015, for $15,750,000 according to the latest deed. Zhidong closed a deal to borrow $46 million from Maxim Credit Group for the parcel, including the tax class multifamily, fireproof – with stores (D6) at 45-07 Court Square on November 21, 2019. The deal was recorded on December 2, 2019.

There has been one demolition project filed for the parcels over the past five years. The demolition included 12 residential units.

Direct link to Acris document. link

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

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