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6201 6th Avenue

Updated Jul 29, 2025

Ki Tai Yeung And Chris (Jia Shu) Xu Refinance Development Site At 6201 6th Avenue For $22.5M
FINANCEDDevelopment Site

Ki Tai Yeung And Chris (Jia Shu) Xu Refinance Development Site At 6201 6th Avenue For $22.5M

6201 6th Avenue

$22,500,000

Building Size

—

Asset Type

Development Site

Closing

Jun 18, 2025

About this deal

AI

The asset involved in this transaction is a development site located at 6201 6th Avenue in Sunset Park, Brooklyn. The property comprises two parcels with a total building square footage of 118,860. The loan amount secured for this development site is $22,500,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $22,500,000
  • Lender: Bill Chen - New Era Life Insurance
  • Landlord: Ki Tai Yeung; Chris (Jia Shu) Xu - United Construction & Development Group
  • Previous Loan Amount: $21,400,000 from Cathay Bank
  • Loan Type: Refinance
  • Date: 06/18/2025

This transaction involved key stakeholders including Ki Tai Yeung and Chris (Jia Shu) Xu representing United Construction & Development Group in refinancing the property. The refinancing replaced an existing loan from Cathay Bank, facilitating the continued development of the site.

On the Map

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$22,500,000

Development Site

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Players

New Era Life Insurance
New Era Life InsuranceLender
United Construction & Development Group
United Construction & Development GroupLandlord

Chris Xu

United Construction & Development Group

Landlord

$163.9M

vol

5 deals

Landlord
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Brooklyn Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.71%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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