Lily Guo enters partnership to develop condos in LIC
Newly filed records with the New York state Attorney General’s office are showing that Lily Guo, a real estate developer based in Flushing, has plans for a new condominium. This condo will be addressed at 46-20 11th Street in the neighborhood of Long Island City.
Guo is not endeavoring alone. She has formed a partnership with Chatham Development, owned by Harvey Gessin, and together they will bring 42 new condos to LIC. The project sellout price tag has been set at $48.1 million.
There used to be a two-story construction on this lot that was demolished back in May. The construction plans for this project were approved back in January by the Department of Buildings. The building itself will have seven stories, will span 40,000 square feet and will be designed by Raymond Chan, who released the first renderings in August.
Even though Guo was not available for comment, she is a very important player in the current real estate business. She is the president of the American Regional Center for Entrepreneurs, a firm that focuses in raising money for real estate developments through the EB-5 visa program. Gessin was also unavailable for comment. [The Real Deal]