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 45-16 83rd Street in Elmhurst — a seven-minute walk from the subway and a 35-minute commute to Grand Central. Rental listings at the complex show granite countertops, stainless steel appliances, marble-tiled bathrooms and a courtyard in between the towers. It could not be determined why nearly 40 percent of the units remain unpurchased.
Angela Leon, an agent at Four Seasons Property Management who is featured prominently on marketing