Jade Century Properties signs $101M refi for residential elevator in Flushing

Jade Century Properties through the entity Flushing Point Property LLC as borrower signed a refi loan with a new lender, Highbridge Partners III LLC, located at the address of Jade Century Properties, valued at $101 million for the 162-unit residential elevator building (D6) at 131-02 40th Road in Flushing, Queens.
The deal closed on November 20, 2023 and was recorded on December 5, 2023. The prior lender was Centennial Bank which held debt that had an original loan amount of $101 million.
The property has 551,193 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $183 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 owner bought the property on October 9, 2015, for $45.2 million. The signatory for Jade Century Properties was Xiaorong Zhai. The signatory for Jade Century Properties was Hiu Lo Wong. The new lender is at the address of Jade Century Properties on Seventh Avenue.

The property

The residential elevator building with 162 residential units in Flushing has 551,193 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 476 feet and is 502 feet deep with a total lot size of 111,739 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 $1,750. The most recent loan totaled $101 million and was provided by Centennial Bank on August 20, 2021.

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 received one DOB violation, $6,000 in ECB penalties in the last year.

Development

On the lot, there are seven active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 3,293,814 square feet. The largest 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 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 $380.6 million sellout, according to an April 4, 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 Peter Huang, followed by City Of New York and then Cactus Holdings.
On the tax block, there were seven new building construction projects totaling 3,293,814 square feet. The largest is a 162-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 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 borrower

The PincusCo database currently indicates that Jade Century Properties owned at least one commercial property with 162 residential units in New York City with 551,193 square feet and a city-determined market value of $16 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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