The Real Deal New York

Elmhurst developer eyes $91M sellout for 138-unit project

Kai Tai Yeung plans to build 148K sf condo building at 45-16 83rd Street
By Rich Bockmann | December 20, 2016 01:10PM

45-16 83rd Street in Elmhurst

Flushing-based developer Kai Tai Yeung is eyeing a $91 million sellout at his planned condominium project in Elmhurst.

Yeung, head of the Young Shing Trading restaurant-equipment supplier in Maspeth, filed a condo offering plan with the state Attorney General’s office for the 138-unit project at 45-16 83rd Street (also listed as 45-16 82nd Street).

Yeung bought the site — which is a short walk from the Elmhurst Avenue M and R subway station — in early 2013 for $12.5 million, property records show.

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His company filed plans with the city Department of Buildings soon thereafter indicating he would develop an eight-story, 147,645-square-foot building with about 18,000 square feet of commercial space.

The city issued the job permit in October, around the same time the developer received a $37.5 million construction loan the past October from Cathay Bank, one of the more active lenders in the Chinese-American community.

Yeung was not immediately available for comment.

Elsewhere in Elmhurst, Ding “John” Wai’s Sentry Operating Corp. earlier this month paid $125 million to buy a 260,000-square-foot building that used to part of the St. John’s hospital.