United Construction & Development pays $64.2M to Madison Realty for office, retail in Flushing

United Construction & Development Group through the entity Comptex 4160 Main LLC paid $64.2 million to Madison Realty Capital through the entity 41-60 Main Street Owner LLC for the office and building (O5) at 41-60 Main Street in Flushing, Queens. The expected use is cash flowing. The building is currently occupied by tenants.
The deal closed on November 18, 2025 and was recorded on December 9, 2025. The property has 100,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $639 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 seller bought the property on February 7, 2024, for $80 million. The Commercial Observer reported on this sale in November.

United Construction & Development financed the purchase with a $50 million loan from Preferred Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer United Construction & Development Group purchased three properties in two transactions for a total of $78.9 million and sold 15 properties in three transactions for a total of $25.8 million over the past 24 months.
The seller Madison Realty Capital purchased seven properties in five transactions for a total of $204.6 million and sold 15 properties in 14 transactions for a total of $220.3 million over the same time period. The 100,500-square-foot property generated revenue of $5.3 million or $53 per square foot, according to the most recent income and expense figures.

The property

The retail building in Flushing has 100,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 251 feet and is 103 feet deep with a total lot size of 25,935 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $25.6 million.

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 received $6,715 in OATH penalties 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 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 2.4 times the average sales volume among other neighborhoods with $716.2 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 133,990 square feet of the 339,912 square feet. The largest owner is Madison Realty Capital, followed by Xiang Yu Cao and then Gui Yang.
On the tax block, there was one new building construction project filed totaling 68,065 square feet. It is a 56-unit, 68,065 square-foot residential (R-2) building submitted by Elizabeth Chen with plans filed April 14, 2021 and it has not been permitted yet.

The majority, or 63 percent of the 339,912 square feet of built space are elevator buildings, with retail buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Madison Realty Capital owned at least 60 commercial properties with 2,653 residential units in New York City with 2,716,152 square feet and a city-determined market value of $382.6 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and Elliott Investment Management respectively. Within the portfolio, the bulk, or 72 percent of the 2,716,152 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 43 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that United Construction & Development Group owned at least 20 commercial properties with 422 residential units in New York City with 1,257,571 square feet and a city-determined market value of $133.6 million. (Market value is typically about 50% of actual value.) The portfolio has $886 million in debt, with top three lenders as Bank of China, New Era Life Insurance, and New Era Life Insurance Company respectively. Within the portfolio, the bulk, or 33 percent of the 1,257,571 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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