Xu brothers borrow $15.4M from Amerant Bank for LIC conversion

George and Chris Xu’s United Construction and Development Group through the entity Queens Plaza Ventures, LLC as borrower signed a loan agreement with lender Amerant Bank valued at $15.4 million for 1 parcel, including the tax class one-story store building (K1) at 38-50 21st Street in Queens. The deal closed on September 10, 2020 and was recorded on October 9, 2020.
The property contains a total of 19,669 square feet of built space. The property has 366,804 square feet of available development rights.
The average loan per buildable square foot is $42.
Chris Xu and George Xu bought the parcel in 2007 for $13.6 million. In April 2020 they filed an alteration 1 plan with an estimated total cost of $1.8 million to convert the existing 19,669-square-foot retail building to a storage building with no change in size.  Chrus Xu was the owner representative on the DOB filing.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,872,340. There was one renovation/alteration project (A2) applied for with a total estimated value of $279,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link