News

Know about market updates

Revealed: $106 million Farrington condo in Flushing by George Xu

 

According to the Real Deal, Century Development Group is moving along and building The Farrington.
As YIMBY reported back in September, the property is slated to be a mix-use of residential and retail along with a hotel in Flushing. Developer George Xu of Century development revealed the 101-unit condominium at an offering that was filed with the New York State Attorney General’s office. With an average sales target of over $1 million per unit, the project could be slated for over $100 million sellout.

According to the story, Xu raised foreign funds for financing for the project. He has used the EB-5 program, to raise about $30 million.

The 202,000-square-foot building was designed by Raymond Chan who has multiple projects across Queens right now, such as the Lions Group’s Long Island City projects. This building that Chan design will also include a Four Points Sheraton Hotel. [TRD]