United Construction & Development signs $20M refi loan with First Commercial Bank for three properties in Jamaica

United Construction & Development Group and Ping Yeung through the entity Queens Blvd Estate LLC as borrower signed a refi loan with lender First Commercial Bank valued at $20 million for three condo units in the property at 140-35 Queens Boulevard in Jamaica, Queens.
The deal closed on April 29, 2022 and was recorded on May 20, 2022.
The signatory for United Construction & Development Group and Ping Yeung was Jia Shu Xu and Ping Yeung. The signatory for First Commercial Bank was Ching Fang Lio.

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 140-35 Queens Boulevard.

The property

PincusCo cannot determine the lot area of the 140-35 Queens Boulevard parcel at this time.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The block

On the tax block of 140-35 Queens Boulevard, PincusCo has identified the owners of two of the nine commercial properties representing 118,866 square feet of the 146,760 square feet. The two identified owners are Ping Yeung and Briard Group. There are two active new building construction projects totaling 85,429 square feet. The largest is a 96-unit, 73,489-square-foot R-2 building developed by Brad Honigfeld with plans filed April 26, 2021 and it has not been permitted yet.The second largest is a 49-unit, 11,940-square-foot R-1 building developed by Harjinder Singh with plans filed August 22, 2013 and permitted March 25, 2014.

The majority, or 69 percent of the 184,812 square feet of built space are hotel buildings, with 1-4 family buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that United Construction & Development Group owned at least 11 commercial properties with 455,608 square feet and a city-determined market value of $76.6 million. (Market value is typically about 50% of actual value.) The portfolio has $366.5 million in debt, with top three lenders as Bank of China, Centennial Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 72 percent of the 455,608 square feet of built space are office properties, with industrial properties next occupying 24 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Ping Yeung owned at least two commercial properties with 236,666 square feet and a city-determined market value of $23.1 million. (Market value is typically about 50% of actual value.) The portfolio has $64.8 million in debt, borrowed from First Commercial Bank and Flushing Bank. Within the portfolio, the bulk, or 51 percent of the 236,666 square feet of built space are industrial properties, with hotel properties next occupying 49 percent of the space. They are all located in Queens.

Surrounding

Within a 400-foot radius of 140-35 Queens Boulevard, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on April 26, 2021 for a 73,489-square-foot R-2 building with 96 residential units at 88-36 139th Street.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on April 8, 2022 for the $554,780 renovation of 1,999-square-foot R-2 building with four residential units at 138-09 Jamaica Avenue.
One of those six items was a sale which 402 Metropolitan Ave, LLC bought the 2,400-square-foot, one-unit retail building (K5) on 138-33 Jamaica Avenue for $6.5 million from Bradford Honigfeld on February 18, 2021.
Of those six items, three were loans above $5 million totaling $42 million. The most recent of the three was Briard Group which borrowed $12.1 million from Bank of America secured by the 2,450-square-foot, one-unit retail building (K5) on 138-33 Jamaica Avenue and five other properties on April 12, 2022.

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