A 15-year property tax abatement wasn’t enough to sell 138 condominium units in Queens, where owners hoped a 2016 project would fetch $108.6 million. Instead, one of the original owners, Ki Tai Yeung, bought 53 of the condos last week for $27.8 million, acting through a limited liability company. Cathay Bank simultaneously refinanced the project loan, on which $23.5 million remains outstanding, according to public records. The towers are located at 45-11 82nd Street and
source https://therealdeal.com/2020/11/04/elmhurst-developer-buys-own-condos-for-28m/
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