Jiashu Xu’s United Construction files two Flushing plans with total of 95 units

Jiashu Chris Xu’s United Construction & Development Group filed two plans with the addresses 140-28 31st Drive and 141-05 32nd Avenue that have a total of 95 residential units to be constructed on what is now a single tax lot. The firm is one of the most active developers in Queens.

In the first, Jiashu Xu of United Construction & Development Group through the entity Grand Construction & Development G submitted a new building construction project for a 47-unit, 35,611-square-foot residential (R-2) building at 140-28 31st Drive in Flushing, Queens. The plan was filed with the New York City Department of Buildings on February 13, 2024 under job number Q01000858. It calls for the construction of a four-story building. The project is described in the filing as: propose 4-story new building.

In the second, Jiashu Xu submitted a new building construction project for a 48-unit, 36,927-square-foot residential (R-2) building at 141-05 32nd Avenue in Flushing, Queens. The plan was filed with the New York City Department of Buildings on February 13, 2024 under job number Q00983687. It calls for the construction of a four-story building.

The architect for both was Lu Ning Architecture, PLLC.

The property

The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled $8 million and was provided by Maspeth Federal Savings and Loan Association on July 27, 2023.

Prior sales and revenue

This property was sold by North Flushing Pool Club for $16 million to United Construction & Development Group on July 27, 2023.

Development

Jiashu Xu of Grand Construction & Development G submitted a new building construction project for a 47-unit, 35,611 square-foot residential (R-2) building at 140-28 31 Drive. The plan was filed on February 13, 2024. It calls for the construction of a 40-foot tall, four-story building and was filed with the New York City Department of Buildings under job number Q01000858. The architect is Lu Ning Architecture, Pllc. The project is described in the filing as: propose 4-story nb.

Violations and lawsuits

According to city public data, the property has received $2,400 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $888.8 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, there were four new building construction projects totaling 81,052 square feet. The largest is a 48-unit, 36,927 square-foot residential (R-2) building submitted by Jiashu Xu with plans filed February 13, 2024 and it has not been permitted yet. The second largest is a 47-unit, 35,611 square-foot residential (R-2) building submitted by Jiashu Xu with plans filed February 13, 2024 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that United Construction & Development Group owned at least 19 commercial properties with 317 residential units in New York City with 1,073,458 square feet and a city-determined market value of $106.7 million. (Market value is typically about 50% of actual value.) The portfolio has $550 million in debt, with top three lenders as Bank of China, Centennial Bank, and Maxim Capital Group respectively. Within the portfolio, the bulk, or 39 percent of the 1,073,458 square feet of built space are O8 properties, with elevator properties next occupying 28 percent of the space. The bulk, or 93 percent of the built space, is in Queens, with Brooklyn next at 7 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 141-01 32 Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.