Chris Jiashu Xu refinanced a Long Island City development site with a $100 million loan from the Bank of China, property records show. The Flushing-based developer plans to build a 79-story, 779,000-square-foot mixed-use tower at 23-15 44th Drive. Rising 984 feet, it is slated to be the neighborhood’s tallest tower.
Xu bought the site from Citigroup last year for $143 million. The new mortgage replaces a Ladder Capital acquisition loan.
Dubbed Court Square City View Tower, the building will feature 660 apartments and 100,000 square feet of commercial space, according to the developer’s website.
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Xu’s United Construction & Development Group filed plans for the project in February. They have yet to be approved.
Xu could not immediately be reached for comment. He and his brother George previously jointly ran C&G Empire Realty, but now work independently. George Xu now works under the name Century Development Group.