Chris Xu asking $60M for Jamaica development site

Developer paid $22M for two adjacent parcels in 2014
January 13, 2017 11:29AM

163-05 Archer Avenue and Chris Jiashu Xu

Chris Jiashu Xu is looking to sell his nearly 90,000-square-foot Archer Towers development site for $60 million, nearly triple the amount he paid for the parcels in 2014.

The adjacent lots at 163-05 and 163-25 Archer Avenue can accommodate 719,700 square feet of buildable space, 700 residential units and additional inclusionary housing, the Commercial Observer reported. When the Flushing-based developer bought the properties for $22 million in October 2014, it was the largest parcel to be sold in the neighborhood in almost a decade.

The site holds a 32,307-square-foot, single-story retail strip with a supermarket, a food court, a Rent-A-Center and an eight-story, 280,000-square-foot parking garage.

Cushman & Wakefield’s TRData LogoTINY Daniel Abbondandolo and Kevin Schmitz are marketing the property.

In the past two years, Xu has become one of the most prolific developers in Queens. He is planning a 79-story, 779,000-square-foot mixed-use tower at 23-15 44th Drive. Rising 984 feet, it will eventually be Long Island City’s tallest tower. In September, he refinanced the site with a $100 million loan from Bank of China.

In December, he paid $100 million for a 3.6-acre development site at 39-08 Janet Place in Flushing. [CO]Miriam Hall