Cirrus Real Estate buys $55M notes secured by F&T parking lot in Flushing

UPDATED 7:50 a.m., November 21, 2025: Cirrus Real Estate Partners through the entity Cmk Tangram And Fulton Lender, L.L.C. bought two notes with an original principal of $55 million from Shanghai Commercial Bank secured by F&T Group’s surface parking lot (G6) at 37-02 College Point Boulevard in Flushing, Queens.
The deal closed on September 30, 2025 and was recorded on November 3, 2025. The prior lender was Shanghai Commercial Bank which held debt that had an original loan amount of $55 million.
The signatory for the original loan given to F&T Group was Sunny Chiu .

The property

The parcel has frontage of 298 feet and is 203 feet deep with a total lot size of 175,000 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $14.7 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 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 2.3 times the average sales volume among other neighborhoods with $686.7 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 2.5 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 five of the 12 commercial properties representing 2,800 square feet of the 142,915 square feet. The two identified owners are United Construction & Development Group and F&T Group.
On the tax block, there were four new building construction projects totaling 1,140,089 square feet. The largest is a 368-unit, 664,279 square-foot residential (R-2) building submitted by Young Nian Group and filed by John Liang with plans filed November 12, 2019 and it has not been permitted yet. The second largest is a 141-unit, 227,808 square-foot residential (R-2) building submitted by United Construction & Development Group and filed by Jiashu Xu with plans filed May 13, 2022 and it has not been permitted yet.

The majority, or 89 percent of the 142,915 square feet of built space are industrial buildings, with mixed-use buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that F&T Group owned at least four commercial properties in New York City with 122,785 square feet and a city-determined market value of $40 million. (Market value is typically about 50% of actual value.) The portfolio has $439.4 million in debt, with top three lenders as Shanghai Commercial Bank, JPMorgan Chase, and Barclays respectively. Within the portfolio, the bulk, or 98 percent of the 122,785 square feet of built space are industrial properties, with specialty properties next occupying 2 percent of the space. They are all located in Queens.

CORRECTION: A prior version of this post only included one loan for $25 million, but in fact there were two loans, one for $25 million and another for $30 million.

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