Hiwin Group USA pays $32M for under-construction hotel in Flushing

Hiwin Group USA through the entity HW Hospitality LLC paid $32 million to Jade Century Properties through the entity Flushing Point Property LLC for the 19-story, 469-key hotel (R-1) project at 131-02 40th Road in Flushing, Queens. The expected use for the project with a job number 421405642 is ground up development. This sale is for the third of three buildings planned for the site. The other two buildings are 2-story residential towers, which are nearly complete, and are not part of this sale.

The deal closed on October 21, 2025 and was recorded on November 14, 2025. The 197-foot-tall project has a zoning square footage of approximately 270,195 square feet according to a PincusCo analysis of New York City Department of Buildings data. The sale price per built square foot is $118 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 signatory for Jade Century Properties , Maohua Dong , and Yong Qiu was Xiaorong Zhai , Maohua Dong, and Yong Qiu. The signatory for Hiwin Group USA was Xiaorong Zhai . The contract date was April 12, 2025.

The original developer filed a permit application, 421405642, on November 30, 2016, for this hotel. The other two residential towers were filed under job numbers 421374881 and 421374845, also each in 2016.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hiwin Group USA purchased six properties in six transactions for a total of $113.3 million and has no record it sold any properties over the past 24 months.
The seller Jade Century Properties purchased one property in one transaction for a total of $9 million and had not sold any properties over the same time period.

The property

The residential elevator building with 162 residential units in Flushing has 551,193 square feet of built space and 107,666 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of zero feet and is zero feet deep with a total lot size of 44,307 square feet. 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 $3.2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1 million money judgment concerning a partnership filed on March 6, 2025, by Hong Wei Wu against Ai Yun Chen. In addition, according to city public data, the property has received one DOB violation, $10,030 in ECB penalties, and $10,495 in OATH penalties in the last year.

Development

On the lot, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 1,658,097 square feet. The largest, 421374845, is a new building project for a 162-unit, 552,699 square-foot R-2 building submitted by Jade Century Properties and filed by Mark Dong with plans filed September 15, 2016 and permitted January 29, 2018. The second largest, 421374881, is a new building project for a 168-unit, 552,699 square-foot R-2 building submitted by Jade Century Properties and filed by Mark Dong with plans filed September 15, 2016 and permitted January 29, 2018. On the tax lot, the most recent condominium plan was filed by FLUSHING POINT PROPERTY LLC to create 392 residential units and 2 commercial units in a building at 131-02 40th Road in Flushing, Queens, called Longfieldthat has a $1.4 million sellout, according to an April 04, 2022 submission to the New York State Attorney General. The principal of the sponsor, FLUSHING POINT PROPERTY LLC, was Xiaorong Zhai.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 557,177 square feet of the 932,724 square feet. The largest owner is Jade Century Properties, followed by Cactus Holdings and then City Of New York.
On the tax block, there were five new building construction projects totaling 1,659,564 square feet. The largest is a 469-unit, 552,699 square-foot hotel/dormitory/shelter (R-1) building submitted by Jade Century Properties and filed by Mark Dong with plans filed November 30, 2016 and permitted January 29, 2018. The second largest is a 168-unit, 552,699 square-foot residential (R-2) building submitted by Jade Century Properties and filed by Mark Dong with plans filed September 15, 2016 and permitted January 29, 2018.

The majority, or 59 percent of the 932,724 square feet of built space are elevator buildings, with retail buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Jade Century Properties owned at least three commercial properties with 282 residential units in New York City with 562,330 square feet and a city-determined market value of $24.3 million. (Market value is typically about 50% of actual value.) The portfolio has $131 million in debt, borrowed from Jade Century Properties and East West Bank. Within the portfolio, the bulk, or 98 percent of the 562,330 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 98 percent of the built space, is in Queens, with Brooklyn next at 2 percent of the space.

The buyer

The PincusCo database currently indicates that Hiwin Group Usa owned at least six commercial properties in New York City with 65,921 square feet and a city-determined market value of $27.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 65,921 square feet of built space are retail properties, with mixed-use properties next occupying 28 percent of the space. They are all located in Manhattan.

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