142-28 38th Avenue in Flushing
The developer of Flushing condo building Shirokia Tower filed for bankruptcy Wednesday, a little more than a year after Madison Realty Capital temporarily saved the project with a last-minute $14 million loan.
Sandy Jiang first filed for bankruptcy for the 23-unit, 53,255-square-foot building at 142-28 38th Avenue in late 2014, but a foreclosure auction was called off when Madison threw the project a lifeline in April 2015.
A spokesperson for Madison Realty told TRD that the company is no longer a lender on the project as of this spring. The project’s current mezzanine lender is a partnership between W Financial and hotel developer Sam Chang, who lent Jiang an undisclosed amount last December.
The bankruptcy was filed on behalf Shirokia Mezz I LLC, whose sole member is Jiang. [more]