Risland signs $60.5M condo inventory loan with Emerald Creek for 84 units in LIC

Risland Holdings through the entity Risland New York LLC as borrower signed a loan with lender Emerald Creek Capital (ECC Court Square LLC) valued at $60.5 million for 84 unsold condominium units at the 801-unit residential condo at 23-15 44th Drive in Long Island City, Queens. The main developer for the condo building was United Construction & Development Group.
The deal closed on March 8, 2023 and was recorded on March 15, 2023. The 84 properties have 63,545 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $952 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.)
In July 2022, Risland Holdings 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.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 23-15 44th Drive.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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 $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by BGY CITYVIEW LLC to create 802 residential units and 2 commercial units in a building at 23-15 44th Drive in Long Island City, Queens, called Skyline Tower that has a $1.1 billion sellout, according to an February 2, 2018 submission to the New York State Attorney General. The principals of the sponsor, BGY CITYVIEW LLC, were Xiaodong Liu, Brian Pun, Jiashu Xu, and Ki Tai Yeung.

The block

On the tax block, there was one new building construction project filed totaling 780,844 square feet. It is a 801-unit, 780,844 square-foot residential (R-2) building submitted by United Construction & Development Group and filed by Jiashu Xu with plans filed February 3, 2016 and permitted June 1, 2018.

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