Risland pays $161.3M to partner for 106 unsold units in LIC’s Skyline Tower
3 Court Square (Credit - Google)
Risland Holdings through the entity Risland New York LLC paid $161.3 million to its partners, which include United Construction & Development Group and FSA Capital, through the entity BGY Cityview LLC for 106 unsold condo units at 3 Court Square also known as 23-15 44th Drive in Long Island City, Queens. The project has a total of 801 units and PincusCo data shows that 606 units have been closed and recorded, but does not account for units in contract.
The deal closed on July 13, 2022 and was recorded on August 2, 2022. The 106 properties have 80,379 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,007 per the PincusCo analysis.
Risland Holdings is a Hong Kong-based developer and Risland US is the United States arm.
Chris Jiashu Xu, head of United Construction, signed for the seller while Tianyi Wang signed for Risland.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Risland Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller United Construction & Development Group purchased nine properties in seven transactions for a total of $191.4 million and had not sold any properties over the same time period.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot. On one of the tax lots, there was a condominium project filed with the address 23-15 44th Drive and the name Skyline Tower on February 2, 2018. The principals of the sponsor, BGY CITYVIEW LLC, were Xiaodong Liu, Brian Pun, Jiashu Xu, and Ki Tai Yeung.
The seller
The PincusCo database currently indicates that United Construction & Development Group owned at least 12 commercial properties in New York City with 850,016 square feet and a city-determined market value of $124 million. (Market value is typically about 50% of actual value.) The portfolio has $377.5 million in debt, with top three lenders as Bank of China, Centennial Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 49 percent of the 850,016 square feet of built space are office properties, with elevator properties next occupying 36 percent of the space. They are all located in Queens.
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