Chris (Jia Shu) Xu Secures $50 Million Refinance Loan For Long Island City Development Site
42-50 24th Street
$50,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 2, 2026
AI
The property involved in this transaction is a development site located at 42-50 24th Street in Long Island City, Queens. It has a total of 255,304 buildable square feet and is currently under the ownership of United Construction & Development Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,000,000
- Lender: iCross Capital
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group
- Loan Type: Refinance
- Date of Closing: April 2, 2026
- Previous Loan Amount: $40,000,000
- Recorded Date: April 17, 2026
The deal features Chris (Jia Shu) Xu, representing United Construction & Development Group through L Island City LLC. The transaction involved securing a $50 million refinancing loan to replace an earlier $40 million loan for the property.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93