Citigroup sells LIC site to Queens developer for $143M

Parcels north of One Court Square offer 780K buildable square feet

New York /
Jul.July 08, 2015 12:15 PM

Citigroup sold a huge Long Island City development site just north of One Court Square to Flushing-based developer Jia Shu Xu of C&G Empire Realty for $143 million, according to property records filed with the city Wednesday.

The property is made up of nine parcels — located just north of Court Square along 23rd Street between 44th Drive and 44th Road — each spanning 36,000 square feet, city records show. The site holds roughly 780,000 buildable square feet.

Most of the parcels are vacant, some have industrial buildings. The zoning allows for residential, office, retail and hotel space.

Xu could not immediately be reached for comment.

A JLL team led by Jon Caplan and Richard Baxter marketed the site, as previously reported by The Real Deal. Caplan and Baxter couldn’t immediately be reached for comment.

Xu is planning four projects in Queens. In December 2014, he filed for a a 14-story, mixed-use building that will replace a warehouse at 134-03 35th Avenue in Flushing.

In March, Xu filed plans for a 197-unit mixed use project at 88-08 Justice Avenue in Elmhurst. He’s also planning projects at 136-21 Latimer Place in Flushing and 140-35 Queens Boulevard in Jamaica.

 

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