United Construction & Development signs $7.2M refi with New Land Capital for development site in Elmhurst

United Construction & Development through the entity Justice Ave Tower II, LLC as borrower signed a refi loan with lender New Land Capital through the entity New Land Capital I LLC valued at $7.2 million for the development site (V1) at 86-55 Queens Boulevard in Elmhurst, Queens.
The deal closed on October 8, 2021 and was recorded on December 17, 2021.
The property has 0 square feet of built space and 52,371 square feet of additional air rights for a total buildable of 52,371 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $138 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 January 22, 2018, for $14.2 million.
The signatory for United Construction & Development was Jiashu Xu.
(421515480) Plans for a 37,686 square-foot E were filed on June 27, 2018.
Jiashu “Chris” Xu is the founder and president of United Construction & Development Group. He also appears to be the president of New Land Capital but their website is currently down.

Within a 400-foot radius of 86-55 Queens Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Pi Capital Partners bought the 21,046-square-foot, one-unit office building (O7) on 86-15 Queens Boulevard for $16.7 million from EmblemHealth on December 26, 2019.
One of those two items was a loan which United Construction & Development Group borrowed $88 million from Bank of China secured by the 417,383-square-foot, 186-unit mixed-use building (O8) on 88-08 Justice Avenue on June 1, 2021.

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