Flushing Point Plaza Receives $ 101 Million Construction Loan

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Flushing Point Plaza Receives $ 101 Million Construction Loan

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

The mega mixed-use complex in Flushing just received a $ 101 million building loan.

Xiaorong Zhai’s Jade Century Properties, along with development partner Peter Huang, has received funding for the construction of two 20-story residential buildings.

The buildings, which will include 386 residential condominiums on the parking podium, are the first phase of the 557,000 square foot Flushing Point Plaza project in 131-02 40th Street… The complex should include amenities such as a children’s playroom, library, gym and spa.

Plans to develop a 2.5 acre triangular site east of the Van Wyk Expressway have been under way over the past several years. Phase 1 construction is expected to be completed in 30 months, with sales starting next spring, JCP said.

Michael Lee of HKS Real Estate Advisors has provided a loan to developers with Centennial bank… The deal was challenging as the project had convertible debt and EB-5 mezzanine funding, Lee said in a statement.

JCP relies on Queens‘The apartment market, which returned significantly in the second quarter, when both median and average selling prices reached record highs of $ 704,481 and $ 800,066, respectively. According to the Elliman Report, 588 sales for the quarter were the highest in the quarter since 2011.

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

JCP is not the only developer in the pandemic-ravaged hospitality market that had nearly 40 percent fewer jobs in July in New York State than two years ago, according to data American Hotel and Inns Association… As of July, more than 22,000 hotel rooms in New York were in the final stages of construction, scheduled to open later this year. STR

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