Jiashu Xu’s United Construction buys $6.7M note secured by vacant land in Elmhurst

Jiashu Xu’s United Construction & Development Group through the entity 90 Street Realty LLC bought a note with an original principal of $6.7 million from ConnectOne Bank secured by Xiu Qin Shi’s vacant land (G7) at 47-11 90th Street in Elmhurst, Queens. The property is vacant land mostly enclosed by residential and commercial properties and the Long Island Rail Road tracks. It has an entrance on 90th Street that is approximately 18 feet wide, and one on Corona Avenue that’s approximately five feet wide.

The deal closed on November 22, 2022 and was recorded on November 29, 2022. The prior lender was ConnectOne Bank which held debt that had an original loan amount of $6.7 million. The property has zero square feet of built space and 91,876 square feet of additional air rights for a total buildable of 91,876 square feet according to PincusCo analysis of city data.
The owner bought the property on November 30, 2009, for $5.8 million. Jiashu Chris Xu is the registrant for the entity. and the address for the 90 Street Realty LLC is the same as United Construction & Development Group.

The property

The 47-11 90th Street parcel has frontage of 104 feet and is 190 feet deep with a total lot size of 45,938 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 154,289 square feet. The largest is a new building project for a 80-unit, 79,165 square-foot R-2 building developed by Song Liu with plans filed September 13, 2018 and it has not been permitted yet. The second largest is a new building project for a 100-unit, 75,124 square-foot R-2 building developed by Jing Gao with plans filed May 12, 2021 and it has not been permitted yet.

The neighborhood

In Elmhurst, the bulk, or 40 percent of the 20.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $183.7 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 610,402 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 28 commercial properties representing 6,544 square feet of the 82,815 square feet. The two identified owners are Rui Feng Corp. and Ben Jia Zheng.
On the tax block, there were two new building construction projects totaling 154,289 square feet. The largest is a 80-unit, 79,165-square-foot R-2 building developed by Song Liu with plans filed September 13, 2018 and it has not been permitted yet.The second largest is a 100-unit, 75,124-square-foot R-2 building developed by Jing Gao with plans filed May 12, 2021 and it has not been permitted yet.

The majority, or 96 percent of the 82,815 square feet of built space are mixed-use buildings, with walkup buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Xiu Qin Shi owned at least five development properties in New York City with zero square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.)

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