Jade Century Properties pays $9.37M for LIC dev site

Jade Century Properties through the entity Lic 41 Avenue LLC paid $9.375 million to the entity L.I.C. Property LLC for the school building (W1) at 28-04 41st Avenue in Long Island City, Queens. The expected use is ground up development.
The deal closed on April 3, 2026 and was recorded on April 10, 2026. The property has 10,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $937 and the price per buildable square foot is $375 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 Elizabeth Branigan was Elizabeth P. Branigan. The signatory for Jade Century Properties was Xiaorong Zhai . The contract date was December 31, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Jade Century Properties purchased two properties in two transactions for a total of $25.5 million and sold one property in one transaction for a total of $32 million over the past 24 months.
The seller Elizabeth Branigan had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Long Island City has 10,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 million.

Transaction Participants

Bill Zou at Bill Zou & Associates PLLC participated in the transaction on behalf of the buyer .

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 201,160 square feet of the 431,470 square feet. The largest owner is Heritage Realty Partners, followed by Viking Management and then Aditya Shah.
On the tax block, there was one new building construction project filed totaling 24,988 square feet. It is a 31-unit, 24,988 square-foot residential (R-2) building submitted by Aditya Shah and filed by Aditya Shah with plans filed September 26, 2025 and it has not been permitted yet.

The majority, or 44 percent of the 431,470 square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Jade Century Properties owned at least four commercial properties with 307 residential units in New York City with 578,574 square feet and a city-determined market value of $29.5 million. (Market value is typically about 50% of actual value.) The portfolio has $146.4 million in debt, with top three lenders as Jade Century Properties, East West Bank, and Cathay Bank respectively. Within the portfolio, the bulk, or 95 percent of the 578,574 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Manhattan next at 3 percent of the space.

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