United Construction & Development signs $40M refi with iCross for LIC dev site
United Construction & Development Group through the entity L Island City LLC as borrower signed a refi loan with lender iCross Capital through the entity Elite 22 LLC valued at $40 million for the development parcel (V1) at 42-50 24th Street in Long Island City, Queens.
On the lot, there is a new building construction project, Q01263805, for a 387-unit, 268,204 square-foot residential (R-2) building submitted by William Xu with plans filed August 12, 2025 and it has not been permitted yet.
The deal closed on July 30, 2025 and was recorded on August 19, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $38.2 million. The property has zero square feet of built space and 255,304 square feet of additional air rights for a total buildable of 255,304 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $156 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 February 22, 2024, for $57.5 million. The signatory for United Construction & Development Group was Jiashu Xu . The signatory for iCross Capital was Lily Guo .
The property
The parcel has frontage of 186 feet and is 179 feet deep with a total lot size of 33,950 square feet. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The most recent loan totaled $38.2 million and was provided by Maxim Capital Group on February 22, 2024.
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 $600 in OATH penalties in the last year.
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 3.5 times the average sales volume among other neighborhoods with $979.9 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 3,000 square feet of the 3,000 square feet. The two identified owners are United Construction & Development Group and Werwaiss Properties.
On the tax block, there were four new building construction projects totaling 677,238 square feet. The largest is a 387-unit, 268,204 square-foot residential (R-2) building submitted by William Xu with plans filed August 12, 2025 and it has not been permitted yet. The second largest is a 240-unit, 245,887 square-foot residential (R-2) building submitted by Fisher Brothers and filed by Alex Adams with plans filed October 18, 2019 and permitted November 4, 2020.
The majority, or 100 percent of the 3,000 square feet of built space are industrial 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 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 $821.9 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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