iCross refis 71-unit United Construction development in LIC with $28.8M loan

UPDATED, 2:35 p.m., March 12, 2026: iCross Capital through the entity Elite 104 LLC refinanced United Construction & Development Group’s new construction project Urban 21 that has 71 residential units and one commercial unit at 11-58 46th Road in Long Island City, Queens, with a $28.75 million loan. This replaces a loan of the same amount provided by Valley National Bank.

On this lot, there is one active new building construction project, Q00479380, for a 71-unit residential mixed-use building. The project was submitted by United Construction & Development Group with plans filed April 10, 2021 and permitted June 22, 2023. The building is divided into 71 residential condominium units, one commercial condo unit and 24 parking condo units.
The note sale closed on February 27, 2026 and was recorded on March 11, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $28.8 million. The 96 properties have 76,337 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $zero 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 United Construction & Development Group was Jiashu Xu .

The property

The residential elevator building with 71 residential units in Long Island City has 76,337 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million. iCross Capital on February 27, 2026 bought a loan with an original principal of $28.8 million from Valley National Bank signed by Roland M. Cablayan , secured by 46-30 21st Street when owned by United Construction & Development Group .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $29,960 in ECB penalties and $26,430 in OATH penalties in the last year.

The block

On the tax block of 46-30 21st Street, PincusCo has identified the owners of six of the 12 commercial properties representing 59,774 square feet of the 125,554 square feet. The largest owner is Sd Asset Management, followed by Plaxall and then United Construction & Development Group.
On the tax block, there was one new building construction project filed totaling zero square feet. It is a 66-unit building submitted by United Construction & Development Group and filed by None with plans filed April 10, 2021 and permitted June 22, 2023.

The majority, or 57 percent of the 125,554 square feet of built space are office buildings, with industrial buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that United Construction & Development Group owned at least 21 commercial properties with 422 residential units in New York City with 1,358,071 square feet and a city-determined market value of $158.8 million. (Market value is typically about 50% of actual value.) The portfolio has $948.5 million in debt, with top three lenders as Bank of China, New Era Life Insurance, and New Era Life Insurance Company respectively. Within the portfolio, the bulk, or 31 percent of the 1,358,071 square feet of built space are O8 properties, with elevator properties next occupying 22 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Brooklyn next at 5 percent of the space.

Correction: A prior version of this post described this a note purchase, when in fact it was a typical refinance of a loan.

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