China CITIC Bank International provides a $57.5 million USD loan to Young Nian Group to finance its acquisition of 131-01 39th Avenue in Flushing, Queens

Project narrative

On October 23, 2017, China CITIC Bank International Limited entered into a $57,500,000 USD term loan facility agreement with Yongnian Investment Co Limited — a Hong Kong-incorporated limited liability company and affiliate of Zhonggeng Real Estate Industrial Group Co. Ltd., a Chinese international real estate company headquartered in Shanghai — and Young Nian Group LLC — a New York-incorporated subsidiary of ZhongGeng Group USA, the U.S. branch of Zhonggeng Real Estate Industrial Group Co. Ltd. — to finance its acquisition of 131-01 39th Avenue in Flushing, Queens. The loan was secured by (i.e. collateralized against) a $57,500,000.00 USD consolidated, amended, and restated mortgage, security agreement, fixture filing, and assignment of leases and rents and a $$9,045,329.88 USD gap mortgage, fixture filing, and assignment of leases and rents associated with the property at 131-01 39th Avenue charged by Young Nian Group LLC to China CITIC Bank International on October 24, 2017. Yufeng Pang issued a guarantee for the loan. Record ID#111070 captures the loan. The proceeds were to be used by the borrower to finance the acquisition of 131-01 39th Avenue, a vacant 139,378-square foot plot of land (development site) located at intersection of College Point Boulevard and 39th Avenue along the Flushing Creek in Flushing, Queens, New York City, New York. The property was formerly site of the Korean supermarket Assi Plaza. Young Nian Group entered into an agreement with Triple Star Realty to purchase the property for $115 million USD. The acquisition was completed on or around October 23, 2017. In 2019, Young Nian Group LLC filed permits to construct a 19-story, 664,000-square-foot mixed-use building with two residential towers, a hotel tower, and retail and community spaces. On October 28, 2020, China CITIC Bank International entered into a waiver of execution of restrictive declaration and subordination of the mortgage on the property. In 2022, Young Nian sold the property to United Construction and Development Group Corp. for $103.76 million USD, supported by a $68 million USD loan from the New York Branch of the Bank of China (Record ID#111069 captures that loan). As a result of the new loan, China CITIC Bank International Limited assigned its rights under a past mortgage to BOC.