Century Development Group signs $50M refi with Ponce for 294-unit hotel in Flushing

Century Development Group through the entity Cg & J Realty, LLC as borrower signed a refi loan with lender Ponce Bank through the entity Ponce Bank valued at $50 million for the 294-unit Westin hotel at 35-32 Leavitt Street in Flushing, Queens.
The deal closed on October 6, 2025 and was recorded on October 14, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $50.2 million.
The signatory for Century Development Group was George Xu . The signatory for Ponce Bank was Steven A. Tsavaris .

The job 421644787 was originally filed in September 2018.

The block

On the tax block of 35-32 Leavitt Street, PincusCo has identified the owners of three of the 12 commercial properties representing 12,000 square feet of the 41,724 square feet. The two identified owners are Century Development Group and Peter Cheng.
On the tax block, there were three new building construction projects totaling 161,921 square feet. The largest is a 294-unit, 152,161 square-foot hotel (R-1) building submitted by Century Development Group and filed by George Xu with plans filed September 6, 2018 and permitted September 16, 2021. The second largest is a seven-unit, 6,821 square-foot residential (R-2) building submitted by Xuan Hua Lin with plans filed May 13, 2022 and permitted June 14, 2024.

The majority, or 83 percent of the 41,724 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Century Development Group owned at least 12 commercial properties with 688 residential units in New York City with 360,267 square feet and a city-determined market value of $49.6 million. (Market value is typically about 50% of actual value.) The portfolio has $476.7 million in debt, with top three lenders as Maxim Capital Group, BridgeCity Capital, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 52 percent of the 360,267 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. They are all located in Queens.

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