Century Development Group plans 40-units in LIC, adjacent to its 119-unit project

Century Development Group, on August 15, filed a permit application for construction of a 40-unit building at 45-28 21st Street in Long Island City, Queens. George Xu, founder of the firm, filed the plans. The plans do not yet disclose the square feet of the building.

These new plans are on a parcel adjacent to a planned 119-unit residential project filed earlier this month just to the west with the address 11-36 45th Road, which is expected to have two towers.

The plans call for the construction of a seven-story building and were filed with the New York City Department of Buildings under job number Q00793435.

The project is described in the filing as: 7-story new building. The job was filed for one tax lot, lot 45 however Xu also owns two adjacent properties which he acquired for $10 million, which are lots 4 and 5. The architect listed is Lu Ning Architecture, PLLC. The property was acquired for $4.2 million on March 28, 2022.

The 45-28 21st Street parcel has frontage of 45 feet and is 89 feet deep with a total lot size of 4,050 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $849,000. The most recent loan totaled $7.1 million and was provided by Signature Bank on 2022-03-28.

The PincusCo database currently indicates that Century Development Group owned at least 40 commercial properties with 532,527 square feet, 241 residential units and a city-determined market value of $69.3 million. (Market value is typically about 50% of actual value.) The portfolio has $220.8 million in debt, with top three lenders as Maxim Capital Group, Sovcombank, and Maxim Credit Group respectively. Within the portfolio, the bulk, or 35 percent of the 532,527 square feet of built space are elevator properties, with hotel properties next occupying 31 percent of the space. They are all located in Queens.

Direct link to Acris documents. LINK

Direct link to DOB NOW Public Portal. LINK