United Construction signs $22.5M refi with New Era for dev site in Sunset Park

United Construction & Development Group and Ki Tai Yeung through the entity Court Square Tower LLC as borrower signed a refi loan with lender New Era Life Insurance valued at $22.5 million for a two-parcel development site at 6201 6th Avenue in Sunset Park, Brooklyn.
The deal closed on June 18, 2025 and was recorded on July 24, 2025. The prior lender was Cathay Bank which held debt that had an original loan amount of $21.4 million. The two properties have a total buildable of 118,860 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $189 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 Ki Tai Yeung was Jiashu Xu and Ki Tai Yeung. The signatory for New Era Life Insurance was Bill S. Chen .

The property

The parcel has frontage of 230 feet and is 280 feet deep with a total lot size of 57,970 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.1 million. The most recent loan totaled $21.4 million and was provided by Cathay Bank on May 26, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six DOB violations, $23,750 in ECB penalties, and $23,750 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has 1.7 times the average sales volume among other neighborhoods with $447.8 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 875,806 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 6201 6th Avenue, PincusCo has identified the owners of four of the 10 commercial properties representing 73,950 square feet of the 116,070 square feet. The largest owner is Ki Tai Yeung, followed by Carmelo Giuffre and then Lirr.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 116,070 square feet of built space are industrial buildings, with specialty 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.
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 $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $65.6 million in debt, borrowed from Bank of China and 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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