Century Development Group pays $16M for dev site in Flushing

Century Development Group through the entity Northern Blvd Ventures LLC paid $16 million to members of the Meyer family through the entity Jonil, L.L.C.  (and others) for the retail building (K1) at 144-36 Northern Boulevard and an adjacent parcel, in Flushing, Queens. The expected use is ground up development.
The deal closed on December 10, 2025 and was recorded on December 18, 2025.
The signatories for the Meyer family were Adolph Meyer and Carolyn Meyer-Grady. The signatory for Century Development Group was George Xu . The contract date was October 13, 2025.
In January 2024, a previous contract vendee sought to get out of purchasing the property resulting in litigation.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Century Development Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adolph Meyer had not purchased any other properties and had not sold any properties over the same time period. Crain’s New York Business reported on December 18, 2025 that Century Development Group paid $16 million to Jonil LLC for 144-32 and 144-36 Northern Blvd., Flushing, Queens. The buy-side brokers were Tommy Lin & Eugene Kim of Meridian Capital. The sell-side brokers were Thomas Donovan of Meridian Capital.

The property

The retail building in Flushing has 1,500 square feet of built space and 6,936 square feet of additional air rights for a total buildable of 8,427 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 136 feet deep with a total lot size of 3,468 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $926,000.

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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2 times the average sales volume among other neighborhoods with $670.9 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 65,011 square feet of the 218,808 square feet. The largest owner is S.W. Management, followed by Zheng Sheng Zheng and then Thet Lim.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 218,808 square feet of built space are specialty buildings, with elevator buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Century Development Group owned at least 13 commercial properties with 688 residential units in New York City with 379,936 square feet and a city-determined market value of $55.3 million. (Market value is typically about 50% of actual value.) The portfolio has $541.7 million in debt, with top three lenders as Maxim Capital Group, Ponce Bank, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 49 percent of the 379,936 square feet of built space are elevator properties, with office properties next occupying 24 percent of the space. They are all located in Queens.

Direct link to Acris document. link
Direct link to Acris document. link