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George Xu Of Century Development Group Acquires Development Site At 10-38 45th Road For $15M

Property Image
SOLD
$15,000,000
George Xu
Richard Birdoff
Michael Carroll

New York

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Development Site
Sold 02/19/2026
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Property Image
SOLD

George Xu Of Century Development Group Acquires Development Site At 10-38 45th Road For $15M

10-38 45 Road

See Similar Deals
Development Site
Sold 02/19/2026
George Xu
Richard Birdoff
Michael Carroll
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A development site located at 10-38 45th Road in Long Island City, Queens has been sold for a price of $15,000,000. The property has a buildable square footage of 32,000, resulting in a price per buildable square foot of $469.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $15,000,000
  • Address: 10-38 45th Road
  • Market: Long Island City, Queens
  • Buyer: George Xu - Century Development Group
  • Seller: Richard Birdoff & Michael Carroll - RD Management
  • Sales Closed Date: February 19, 2026
  • Recording Date: February 27, 2026
  • BSF: 32,000
  • PPBSF: $469

The buyer, George Xu, represented Century Development Group in this transaction, acquiring the development parcel from RD Management’s FE 45th Road LLC through 45 RD Ventures LLC. Plans for future ground-up development have been stated following the completion of the sale.

Players

George Xu
George Xu
10 deals$243.4M volume
BUYER
Richard Birdoff
RD Management
Richard Birdoff
1 deal$15M volume
SELLER
Michael Carroll
RD Management
Michael Carroll
1 deal$15M volume
SELLER

Details

SOLD
IMAGE: George Xu, Richard Birdoff & Michael Carroll DATE: 02/19/2026 ADDRESS: 10-38 45th Road MARKET: Long Island City, Queens ASSET TYPE: Development Site BUYER: George Xu - Century Development Group SELLER: Richard Birdoff & Michael Carroll - RD Management SALE PRICE: $15,000,000 BSF: 32,000 ~ PPBSF: $469 NOTE: Century Development Group, through 45 RD Ventures LLC, bought the development parcel at 10-38 45th Road in Long Island City from RD Management’s FE 45th Road LLC for $15M, a deal that closed Feb. 19 and was recorded Feb. 27, 2026, with plans for ground-up development.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83