Flushing Point Plaza project gets $101M construction loan

Two 20-story condo buildings will yield 386 apartments

New York /
Aug.August 26, 2021 01:51 PM
Flushing Point Plaza project gets $101M construction loan

131-02 40th Street, Flushing and Jade Century Properties President Xiaorong Zhai
(LinkedIn, rendering courtesy of Jade Century Properties)

A mega mixed-use development in Flushing just got a $101 million construction loan.

Xiaorong Zhai’s Jade Century Properties, along with its development partner Peter Huang, landed the financing to develop two 20-story residential buildings.

The edifices, which will feature 386 residential condominiums atop a parking podium, are the first phase of the 557,000-square-foot Flushing Point Plaza project at 131-02 40th Street. The complex is to include amenities such as a children’s playroom, library, gym and spa.

Plans to develop the 2.5-acre triangular lot just east of the Van Wyck Expressway have been in the works for the past several years. The first phase construction is expected to be completed in 30 months, with plans to commence sales next spring, according to JCP.

HKS Real Estate Advisors’ Michael Lee facilitated the loan for the developers with Centennial Bank. The transaction was complex because the project had convertible debt and EB-5 mezzanine financing, Lee said in a statement.

JCP is betting on Queens’ condo market, which saw a strong comeback in the second quarter, when both median and average sales prices reached the highest levels on record at $704,481 and $800,066, respectively. The 588 sales during the quarter were the most in a quarter since 2011, according to the Elliman Report.

Zhai, JCP’s president, said in a written statement that the project’s second phase will be a hotel. According to plans filed with the city’s Department of Buildings, the 19-story, 525-room hotel will have a pool, ballroom and fitness center.

JCP is not the only developer active in the pandemic-ravaged hospitality market, which had nearly 40 percent fewer jobs in New York state in July than two years ago, according to the American Hotel & Lodging Association. As of July, more than 22,000 hotel rooms were in the final stage of construction in New York City, slated to open by the end of this year, according to STR.





    Related Articles

    arrow_forward_ios
    The inside of a Queens apartment damaged by Hurricane Ida (Getty)
    Queens homeowners demand answers for flooding
    Queens homeowners demand answers for flooding
    EverWest acquired a Maspeth warehouse from Wharton for $57M
    EverWest acquired a Maspeth warehouse from Wharton for $57M
    EverWest acquired a Maspeth warehouse from Wharton for $57M
    First-time buyers in New York City have prime options in 4 out of the city’s 5 boroughs, according to a report from StreetEasy (iStock)
    Sheepshead Bay tops ranking of best NYC neighborhoods for first-time buyers
    Sheepshead Bay tops ranking of best NYC neighborhoods for first-time buyers
    Glut reaction: NYC’s unsold condo inventory is finally receding
    Glut reaction: NYC’s unsold condo inventory is finally receding
    Glut reaction: NYC’s unsold condo inventory is finally receding
    Renderings of Eastern Emerald (Courtesy of SASI Studio)
    Fleet Financial to bring luxury hotel and condo project to Corona, Queens
    Fleet Financial to bring luxury hotel and condo project to Corona, Queens
    A crackdown on mob activity has brought to light the alleged shakedown of a construction union based in Queens. (iStock)
    Colombo mob boss arrested over alleged construction union shakedown
    Colombo mob boss arrested over alleged construction union shakedown
    Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
    Trump Plaza New Rochelle dumps Trump Org as property manager
    Trump Plaza New Rochelle dumps Trump Org as property manager
    The Witkoff Group Chairman and CEO Steven Witkoff and the Downtown Brooklyn location of his potential project (Witkoff, Google Maps)
    Multifamily projects dominate biggest NYC filings again in August
    Multifamily projects dominate biggest NYC filings again in August
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...