Updated Dec 4, 2024
Xiao Ke Tang Secures $18.2M Construction Loan For Development Site In Sunnyside, Queens
43-25 52nd Street
$18,215,000
$1,560/SF
Building Size
11,670 SF
Asset Type
Development Site
Closing
Dec 20, 2023
About this deal
AI
An $18.2 million new construction loan has been secured by Xiao Ke Tang, represented by 43-25 52 LLC, for a 27-unit development site located at 43-25 52nd Street in Sunnyside, Queens. The loan was provided by Popular Bank and will support the development of the property.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,215,000
- Address: 43-25 52nd Street, Sunnyside, Queens
- Market: Sunnyside, Queens
- Lender: Sana Khaliq - Popular Bank
- Landlord: Xiao Ke Tang
Xiao Ke Tang, through the entity 43-25 52 LLC, successfully secured an $18.2 million new construction loan from Popular Bank to fund the development of a 27-unit project located at 43-25 52nd Street in Sunnyside, Queens.
Players
Woodside Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93