Chris Xu selling Flushing land acquired last year
Chris Xu has decided to part ways with some of the property he acquired in Flushing last year. Xu is a very prolific developer that is based in Queens and is the president of the United Construction and Development Group. The land he sold was bought by Hengxing LLC, another company based in Queens. This firm paid $45 million for the Flushing parcel.
Xu had purchased this property last year, as part of a four-acre assemblage that is located at 39-08 Janet Place. This transaction cost Xu $100 million and it is on the waterfront of the Flushing River. Sources had claimed Xu had plans to revive an old project of his in this land, a development that would feature five towers and be classified as mixed-use. If it had come to fruition, the development would have been known as River Park Place. The complex would feature 450 residential units, 313k sf of retail space and 7.5k sf would be designated to a community area.
Currently, Xu is developing what will be the tallest tower in Queens, a project that will feature 67 stories and will be known as Court Square City View Tower, based in Long Island City. [The Real Deal]