Century Development Group signs $43.4M construction loan for 116-unit project in Flushing
33-75 Farrington Street isometric diagram (Credit - Raymond Chan architect via DOB)
Century Development Group through the entity 35 Ave Xu Holdings, LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $43.4 million for the development site (V1) at 33-75 Farrington Street in Flushing, Queens, with plans for a 116-unit building.
On the lot, there is one active new building construction project, Q08048244, for a 116-unit, 78,653-square-foot residential (R-2) building. The project was submitted by Century Development Group and filed by George Xu with plans filed January 4, 2023 and it has not been permitted yet. When the project was originally filed in 2023, it called for 98 units.
The loan closed on May 29, 2026 and was recorded on June 11, 2026. The prior lender was Golden Bank which held debt that had an original loan amount of $8.8 million. The loan price per planned development square foot is $552 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 owner bought the property on March 14, 2019, for $16 million. The signatory for Century Development Group was George Xu . The signatory for Bank Hapoalim was Mimi Vu and Andrew Gruseke.
Prior sales, articles and revenue
Commercial Observer reported on June 8, 2026 that Century Development Group borrowed $43.4 million.
The property
The parcel has frontage of 120 feet and is 125 feet deep with a total lot size of 15,750 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 million. Bank Hapoalim on May 29, 2026 bought a loan with an original principal of $8.8 million from Golden Bank signed by Grace Lin , secured by 135-01 35th Avenue, when owned by Century Development Group .
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 received $940 in OATH penalties in the last year.
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 2.1 times the average sales volume among other neighborhoods with $749.2 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of nine of the 29 commercial properties representing 130,275 square feet of the 243,405 square feet. The largest owner is Weizhen Chen , followed by Yi Hua Chen and then Raman Kumar Aggarwal.
The majority, or 58 percent of the 243,405 square feet of built space are mixed-use buildings, with industrial buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Century Development Group owned at least 25 commercial properties with 697 residential units in New York City with 699,327 square feet and a PincusCo-determined asset value of $583.8 million. The portfolio has $560.3 million in debt, with top three lenders as Maxim Capital Group , Ponce Bank, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 44 percent of the 699,327 square feet of built space are condo properties, with elevator properties next occupying 26 percent of the space.
Direct link to Acris document. link