Jade Century signs $30M construction loan for 260-unit project in Rego Park

Xiaorong Zhai’s Jade Century Properties through the entity Chuang Heng Rego Park LLC as borrower signed a construction loan with lender East West Bank valued at $30 million for the 260-unit residential elevator project at 98-10 63rd Road in Rego Park, Queens.

On the lot, there is one active new building construction project for a 260-unit, 196,400 square-foot residential (R-2) building. The project was submitted by Kenny Liu and filed by Kenny Liu with plans filed August 6, 2019 and permitted June 30, 2022.

The deal closed on March 1, 2024 and was recorded on March 11, 2024. The property has 232,347 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $129 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 January 29, 2019, for $30 million. The signatory for Jade Century Properties was Xiaorong Zhai.

The property

The residential elevator building with 260 residential units in Rego Park has 232,347 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 251 feet and is 163 feet deep with a total lot size of 28,840 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.1 million.

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 $2,250 in ECB penalties and $2,250 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 66,962 square feet of the 85,986 square feet. The identified owner is Ciampa Organization.
On the tax block, there was one new building construction project filed totaling 196,400 square feet. It is a 261-unit, 196,400 square-foot residential (R-2) building submitted by Kenny Liu and filed by Kenny Liu with plans filed August 6, 2019 and permitted April 28, 2022.

The majority, or 78 percent of the 85,986 square feet of built space are elevator buildings, with specialty buildings next occupying 22 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 has $101 million in debt, borrowed from Jade Century Properties. The portfolio consists of at least a single elevator property. It is located in Queens.

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