United Construction, New Land Capital sign $18.5M construction loan for 48-unit project in Flushing
141-05 32nd Avenue axonometric diagram (Credit - Ning Lu architect via DOB)
United Construction & Development Group and New Land Capital through the entity 32nd Ave Holding LLC as borrower signed a new construction loan with lender Preferred Bank valued at $18.5 million for the property at 141-05 32nd Avenue in Flushing, Queens.
On the lot, there is one active new building construction project, Q00983687, for a 48-unit, 36,927 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 February 18, 2025.
The deal closed on April 21, 2026 and was recorded on May 6, 2026. The loan price per planned development square foot is $501 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 and New Land Capital was Hangyuan Zhang .
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 not received any significant violations in the last year.
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.
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