Updated May 11, 2026
Chris (Jia Shu) Xu Secures $18.5M Construction Loan For Development Site In Flushing, Queens
141-05 32nd Avenue
$18,500,000
Building Size
—
Asset Type
Development Site
Closing
Apr 21, 2026
About this deal
AI
A construction loan was secured for a development site located at 141-05 32nd Avenue in Flushing, Queens. The site encompasses a building square footage of 36,927 and involves a loan amount of $18,500,000 from Preferred Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,500,000
- Lender: Preferred Bank
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group; New Land Capital
United Construction & Development Group and New Land Capital executed the transaction through 32nd Ave Holding LLC, facilitating the financial arrangement for the development site in question.
On the Map
$18,500,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93