J&C International Group signs $14M refi with East West Bank for 30-unit condo building in Flushing

J&C International Group through the entity Fowler Develop LLC as borrower signed a refi loan with lender East West Bank valued at $14 million for the 30-unit residential elevator building (D1) at 131-19 Fowler Avenue in Flushing, Queens. The developer has submitted a plan that was accepted by the New York State Attorney general for 29 condominium units in the building.
The deal closed on August 17, 2023 and was recorded on September 13, 2023. The property has 29,548 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $473 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 17, 2019, for $5 million. The signatory for J&C International Group was John Jun Xu. The signatory for East West Bank was Steward Wong.

The property

The residential elevator building with 30 residential units in Flushing has 29,548 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 110 feet deep with a total lot size of 5,719 square feet. The zoning is C2-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4 million. The most recent loan totaled $9 million and was provided by CW Funding on July 19, 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 $25 in OATH penalties 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. On the tax lot, the most recent condominium plan was filed by FOWLER DEVELOP LLC to create 29 residential units and 1 commercial units in a building at 131-19 Fowler Avenue in Flushing, Queens, called Parkview Mansion Condominiumthat has a $23.4 million sellout, according to an July 29, 2021 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 124,246 square feet of the 248,621 square feet. The largest owner is Yu Ying Li, followed by John J. Xu and then Christopher Tao.
On the tax block, there were two new building construction projects totaling 86,557 square feet. The largest is a 51,936 square-foot business (B) building submitted by Christopher Tao and filed by Christopher Tao with plans filed April 20, 2015 and it has not been permitted yet. The second largest is a 34,621 square-foot business (B) building submitted by Qi Chen with plans filed April 20, 2015 and permitted December 24, 2019.

The majority, or 40 percent of the 248,621 square feet of built space are industrial buildings, with office buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that J&C International Group owned at least two commercial properties with eight residential units in New York City with 10,708 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio has $31.4 million in debt, borrowed from Castellan Capital. Within the portfolio, all identified are mixed-use properties. They are all located in Queens.

Direct link to Acris document. link