Xiao Jun Chen signs $35M construction loan with Ponce for 99-unit project in College Point

Xiao Jun Chen through the entity Northern 167 Property LLC as borrower signed a new construction loan with lender Ponce Bank valued at $35 million for the 99-unit development site at 122-21 14th Avenue in College Point, Queens.

On the lot, there is one active new building construction project, Q01197853, for a 99-unit, 81,989 square-foot residential (R-2) building. The project was submitted by Jun’s Construction and filed by Xiao Jun Chen with plans filed May 20, 2025 and it has not been permitted yet.
The deal closed on January 21, 2026 and was recorded on January 26, 2026. The prior lender was Cathay Bank which held debt that had an original loan amount of $2.5 million.The property has 7,910 square feet of built space and 55,629 square feet of additional air rights for a total buildable of 63,456 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,424 and the price per buildable square foot is $551 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 June 9, 2021, for $3.5 million. The signatory for Xiao Jun Chen was Xiaojun Chen . The signatory for Ponce Bank was Steven A. Tsavaris .

The property

The mixed-use building in College Point has 7,910 square feet of built space and 55,629 square feet of additional air rights for a total buildable of 63,456 square feet according to a PincusCo analysis of city data. The parcel has frontage of 210 feet and is 100 feet deep with a total lot size of 21,152 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

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 one DOB violation in the last year.

The neighborhood

In College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $271.4 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 537,748 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 4,785 square feet of the 13,713 square feet. The identified owner is Xiao Jun Chen.
On the tax block, there was one new building construction project filed totaling 81,989 square feet. It is a 99-unit, 81,989 square-foot residential (R-2) building submitted by Jun’s Construction and filed by Xiao Jun Chen with plans filed May 20, 2025 and it has not been permitted yet.

The majority, or 65 percent of the 13,713 square feet of built space are walkup buildings, with retail buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Xiao Jun Chen owned at least seven commercial properties with 40 residential units in New York City with 112,425 square feet and a city-determined market value of $21.3 million. (Market value is typically about 50% of actual value.) The portfolio has $61.1 million in debt, borrowed from East West Bank and Cathay Bank. Within the portfolio, the bulk, or 43 percent of the 112,425 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 81 percent of the built space, is in Queens, with Brooklyn next at 19 percent of the space.

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