United Construction & Dev. signs $40M refi with New Era in Rego Park, 5th deal for parties

United Construction & Development Group through the entity Rego Park Tower LLC as borrower signed a refi loan with lender New Era Life Insurance through the entity New Era Life Insurance Company valued at $40 million for the surface parking lot (G7) at 93-30 93rd Street in Rego Park, Queens. This is the fifth loan New Era Life Insurance has given United Construction & Development in the past two years. All five total $166.7 million.
The deal closed on May 30, 2025 and was recorded on June 24, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $40 million.The property has zero square feet of built space and 840,139 square feet of additional air rights for a total buildable of 840,139 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $47 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 May 19, 2023, for $71.1 million. The signatory for United Construction & Development Group was Jiashu Xu .

The property

The parcel has frontage of 264 feet and is 241 feet deep with a total lot size of 139,558 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $26.2 million. The most recent loan totaled $40 million and was provided by Maxim Capital Group on May 19, 2023.

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 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.

The neighborhood

In Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $171.3 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 207,150 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans zero square feet on the block.The identified owner is United Construction & Development Group.
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that United Construction & Development Group owned at least 21 commercial properties with 422 residential units in New York City with 1,277,240 square feet and a city-determined market value of $139.3 million. (Market value is typically about 50% of actual value.) The portfolio has $781.9 million in debt, with top three lenders as Bank of China, New Era Life Insurance Company, and Centennial Bank respectively. Within the portfolio, the bulk, or 33 percent of the 1,277,240 square feet of built space are O8 properties, with elevator properties next occupying 24 percent of the space. The bulk, or 94 percent of the built space, is in Queens, with Brooklyn next at 6 percent of the space.

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