QUEENS REAL ESTATE NEWS

SPILLING THE BEANS ON QUEENS REAL ESTATE

SOLD! Citigroup sells 780,000 Square Foot, LIC site, for $143 million – Court Square

In February, Queensbeans reported on JLL marketing a development cite for Citigroup for 780,000 square feet of development in Court Square of Long Island City. Now The Real Deal has reported that is has sold to a Queens based developer. Flushing developer Jia Shu Xu of C&G Empire Realty purchased the property for $143 million, according to records filed with the city Wednesday.

The nine parcel assemblage, located north of Court Square along 23rd Street between 44th Drive and 44th Road add to the 780,000 buildable square feet. The zoning allows for mixed use of residential, office, retail and hotel space. Xu could not immediately be reached for comment and the JLL team couldn’t immediately be reached for comment either.

Mr. Xu is also developing in Flushing, Elmhurst and Jamaica. Stay tuned as Queensbeans brings the development news.