United Construction Buys Queens Property From Madison Realty Capital for $64M

United Construction and Development Group, a prolific developer in Queens, has acquired an office and retail building in the borough’s Flushing neighborhood.

United Construction, run by Chris Jiashu Xu, purchased the three-story, 104,292-square-foot property at 41-60 Main Street from Madison Realty Capital for $64.25 million, according to the seller’s broker, JLL.

The building on the corner of Main Street and Sanford Avenue is fully occupied and hosts office tenants Capital One Bank, Preferred Bank and MassMutual Insurance. Retail tenants at the property include Chinese bakery Fay Da Bakery and JD Drug Store.

JLL’s Ethan Stanton, Michael Mazzara, Drew Isaacson and Brendan Maddigan brokered the deal for the seller, while no brokers represented the buyer.

Spokespeople for United Construction and Madison Realty Capital did not immediately respond to requests for comment. Crain’s New York Business first reported the news.

News of the deal comes after Madison Realty Capital acquired the Flushing property in February 2024, as Commercial Observer previously reported.

Bankrupt developer Jeffrey Wu handed off the building to Madison Realty Capital — a creditor — for $80 million after filing a Chapter 11 petition in 2020 to initiate bankruptcy proceedings for his company, Flushing Landmark Realty. Madison Realty Capital had previously provided a $66 million bridge loan for Wu to refinance two Flushing properties in 2014.

It’s unclear what Xu intends to do with his new property, but the developer already has a lineup of projects planned for Queens.

Over the summer, Xu filed plans to build a 39-story, 387-unit residential tower at 23-07 43rd Avenue in Long Island City, as well as a two-tower, 630-unit residential property at 61-06 Junction Boulevard in Rego Park, Crain’s reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.