United Construction, Ki Tai Yeung get separate condo inventory loans totaling $99M at Skyline Tower in LIC
23-15 44th Drive (Credit - Google)
Chris Jiashu Xu’s United Construction & Development Group and Ki Tai Yeung obtained separate condominium inventory loans for unsold units at Skyline Tower in Long Island City, Queens, from Bank of China that together total $99 million. United Construction & Development Group, Ki Tai Yeung and Risland Holdings developed the 801 condo tower.
These loans follow the bulk transfers and and a sale among development partners earlier this year. On July 13, 2022, Jiashu Xu of United Construction & Development and Tianyi Wang of Risland Holdings assigned ownership of 59 unsold units to Ki Tai Yeung for no consideration. At the same time, Xu sold 106 unsold condo units to Risland for $161.3 million.
In the larger loan, Ki Tai Yeung through the entity Holding 12 Sub LLC as borrower signed a refi loan with lender Bank of China valued at $50.6 million for 59 properties at 23-15 44th Drive in Long Island City, Queens.
The deal closed on August 31, 2022 and was recorded on September 12, 2022. The 59 properties have 47,105 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,074 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 signatory for Ki Tai Yeung was Ki Tai Yeung. This is a loan for 59 unsold condominium units at Skyline Tower controlled by Ki Tai Yeung.
In the smaller loan, United Construction & Development Group through the entity Court Square Property LLC as borrower signed a refi loan with lender Bank of China valued at $48.4 million for 56 unsold units at Skyline Tower.
The deal closed on August 31, 2022 and was recorded on September 12, 2022. The 56 properties have 46,192 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,047 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 signatory for United Construction & Development Group was Jiashu Xu. This is a loan for 56 unsold condominium units at Skyline Tower controlled by United Construction.
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The block
There is one active new building construction project totaling 780,844 square feet. It is a 801-unit, 780,844-square-foot R-2 building developed by Jiashu Xu with plans filed February 3, 2016 and permitted June 1, 2018.
The majority, or 100 percent of the 987,054 square feet of built space are elevator buildings, with retail buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that Ki Tai Yeung owned at least two commercial properties in New York City with 73,950 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 100 percent of the 73,950 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.
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