United Construction & Development signs $17.9M construction loan for 47-unit project in Flushing

United Construction & Development Group through the entity 32nd Ave Management LLC as borrower signed a new construction loan with lender Preferred Bank valued at $17.9 million for the specialty building (Q3) at 140-28 31st Drive in Flushing, Queens.

On the lot, there is one active new building construction project, Q01000858, for a 47-unit, 35,611 square-foot residential (R-2) building. The project was submitted by United Construction & Development Group and filed by Jiashu Xu with plans filed February 13, 2024 and permitted July 8, 2025.
The deal closed on April 21, 2026 and was recorded on May 6, 2026. The prior lender was Maspeth Federal Savings which held debt that had an original loan amount of $8 million.

The property has 20,400 square feet of built space and 33,913 square feet of additional air rights for a total buildable of 54,262 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $877 and the price per buildable square foot is $329 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 July 27, 2023, for $16 million. The signatory for United Construction & Development Group was Jiashu Xu .

The property

The specialty building in Flushing has 20,400 square feet of built space and 33,913 square feet of additional air rights for a total buildable of 54,262 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 257 feet deep with a total lot size of 27,131 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million. Preferred Bank on April 21, 2026 bought a loan with an original principal of $8 million from Maspeth Federal Savings signed by Diana Rundo , secured by 140-28 31st Drive, when owned by United Construction & Development Group .

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 one DOB violation, $15,000 in ECB penalties, and $15,050 in OATH penalties in the last year.

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 2.2 times the average sales volume among other neighborhoods with $745.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing zero square feet of the 1,788 square feet. The identified owner is Ming Li.
On the tax block, there were two new building construction projects totaling 72,538 square feet. The largest is a 48-unit, 36,927 square-foot residential (R-2) building submitted by United Construction & Development Group and filed by Jiashu Xu with plans filed February 13, 2024 and permitted February 18, 2025. The second largest is a 47-unit, 35,611 square-foot residential (R-2) building submitted by United Construction & Development Group and filed by Jiashu Xu with plans filed February 13, 2024 and permitted February 14, 2025.

The majority, or 100 percent of the 1,788 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that United Construction & Development Group owned at least 119 commercial properties with 2,950 residential units in New York City with 1,596,282 square feet and a PincusCo-determined asset value of $1.1 billion. The portfolio has $1 billion in debt, with top three lenders as Bank of China, iCross Capital, and New Era Life Insurance respectively. Within the portfolio, the bulk, or 26 percent of the 1,596,282 square feet of built space are O8 properties, with elevator properties next occupying 19 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Brooklyn next at 4 percent of the space.

Direct link to Acris document. link