India-rooted spiritual group pays $11.8M for commercial condo in LIC

The religious group with its origins in India, Radha Soami Satsang Beas, through the entity Radha Soami Society Beas-America, paid $11.8 million to Century Development Group through the entity MPS Two, LLC for a 30,548-square-foot commercial condominium unit as well as additional parking spaces, at 11-36 45th Road in Long Island City, Queens. The expected use is owner-occupied.
The deal closed on May 21, 2026 and was recorded on June 10, 2026. The 13 properties have zero square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $386 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet of the unit, 30,548, as reported in public records.)
The signatory for Century Development Group was Stavroula Tsolis . The signatory for Radha Soami Satsang Beas was Rajan Shamdasani . The contract date was May 31, 2019.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Radha Soami Satsang Beas had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Century Development Group purchased two properties in two transactions for a total of $26.2 million and had not sold any properties over the same time period.

The block

On the tax block of 11-36 45th Road, PincusCo has identified the owners of five of the five commercial properties representing 80,025 square feet of the 80,025 square feet. The identified owner is Century Development Group.
On the tax block, there were three new building construction projects totaling 140,272 square feet. The largest is a two-unit, 140,272 square-foot residential (R-3) building submitted by Adam Ginsburg with plans filed May 13, 2015 and permitted April 12, 2016. The second largest is a 119-unit residential (R-2) building submitted by Century Development Group and filed by George Jiapeng Xu with plans filed August 8, 2022 and permitted December 1, 2023.

The majority, or 92 percent of the 80,025 square feet of built space are office buildings, with industrial buildings next occupying 8 percent of the space.

The seller

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.

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