Century Development Group pays $15M to RD Management for LIC dev site
10-38 45th Road (Credit - Google Earth)
Century Development Group through the entity 45 RD Ventures LLC paid $15 million to RD Management through the entity FE 45th Road LLC for the development parcel (V1) at 10-38 45th Road in Long Island City, Queens. The expected use is ground up development.
Erik Ekstein of Ekstein Development Group was identified as manager of the seller entity, FE 45th Road LLC, in 2008. Ekstein Development and RD Management co-developed projects including the Chelsea Muse. RD Management and Erik Ekstein did not immediately respond to a request for comment.
The deal closed on February 19, 2026 and was recorded on February 27, 2026. The property has zero square feet of built space and 32,000 square feet of additional air rights for a total buildable of 32,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $468 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 3, 2008, for $3.8 million. The signatory for RD Management was Joseph Lipari. The signatory for Century Development Group was George Xu . The contract date was January 9, 2026.
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Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Century Development Group purchased one property in one transaction for a total of $11.2 million and has no record it sold any properties over the past 24 months.
The seller RD Management had not purchased any other properties and had not sold any properties over the same time period.
The property
The parcel has frontage of 160 feet and is 100 feet deep with a total lot size of 16,000 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.2 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 7.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 41,800 square feet of the 103,665 square feet. The identified owner is Piece Of Cake Moving & Storage.
There are no active new building construction projects on this tax block.
The majority, or 52 percent of the 103,665 square feet of built space are office buildings, with industrial buildings next occupying 48 percent of the space.
The seller
The PincusCo database currently indicates that Rd Management owned at least one commercial property in New York City with 163,000 square feet and a city-determined market value of $15.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.
The buyer
The PincusCo database currently indicates that Century Development Group owned at least 15 commercial properties with 689 residential units in New York City with 384,690 square feet and a city-determined market value of $57.7 million. (Market value is typically about 50% of actual value.) The portfolio has $551.3 million in debt, with top three lenders as Maxim Capital Group, Ponce Bank, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 48 percent of the 384,690 square feet of built space are elevator properties, with office properties next occupying 24 percent of the space. They are all located in Queens.
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