United Construction & Development files $80.3M LIC condo plan

Jiashu Xu’s United Construction & Development Group submitted an $80.3 million condominium plan with 71 residential units and one commercial unit at 46-30 21st Street in Long Island City, Queens. The plan comes about two and a half years after he submitted a ground up construction project for the site.

Jiashu Xu, who also uses the name Chris Xu, submitted a new building construction project for a 71-unit building at 46-30 21st Street in Long Island City, Queens. The plan was filed with the New York City Department of Buildings on April 10, 2021 under job number Q00479380. (The initial plan called for 66 units.)

The project is called Urban21, according to a November 30, 2023 submission to the New York State Attorney General. The principal of the sponsor, 21st Street Development LLC, was Jiashu Xu.

The property

The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $30 million and was provided by Bank Leumi on March 7, 2022.

Prior sales and revenue

This property was sold by Jerry Offenberg for $13 million to United Construction & Development Group on December 28, 2020.

The 12,500-square-foot property generated revenue of $301,455 or $24 per square foot, according to the most recent income and expense figures.

Development

On the tax lot, the most recent condominium plan was filed by 21ST STREET DEVELOPMENT LLC to create 71 residential units and 1 commercial units in a building at 46-30 21st Street in Long Island City, Queens,

None submitted a new building construction project for a 66-unit building at 46-30 21 Street. The plan was filed on April 10, 2021. It calls for the construction of a zero-story building and was filed with the New York City Department of Buildings under job number Q00479380. The architect is Lu Ning Architecture, Pllc.

Violations and lawsuits

According to city public data, the property has received $300 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 7.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 59,774 square feet of the 125,554 square feet. The largest owner is Charles Lee, followed by Plaxall and then SD Asset Management. On the tax block, there was one new building construction project filed totaling zero square feet. It is a 66-unit building submitted by None with plans filed April 10, 2021 and permitted June 27, 2022.

The owner

The PincusCo database currently indicates that United Construction & Development Group owned at least 18 commercial properties with 317 residential units in New York City with 999,508 square feet and a city-determined market value of $98.2 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 42 percent of the 999,508 square feet of built space are O8 properties, with elevator properties next occupying 30 percent of the space. They are all located in Queens.

The surrounding

Within a 400-foot radius of 46-30 21 Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a sale which Century Development Group bought the 13,500-square-foot, one-unit office building (O5) on 45-46 21st Street for $6 million from Miguel Oks on October 23, 2023.

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