George Xu debuts offering plan for $106M Farrington condo in Flushing

Project will also bring 210-key hotel to 134-37 35th Avenue

New York /
Apr.April 21, 2017 11:30 AM

If the condo market really is shaky, don’t tell the developers in Flushing.

George Xu and his Century Development Group are moving forward with a 101-unit condominium at The Farrington, a residential, hotel and retail building in Flushing, an offering plan filed with the New York State Attorney General’s office shows. The target sellout for Xu’s apartments is $106 million, so just over $1 million a pad.

Through his Century EB-5 regional center, Xu has raised $30 million in foreign project financing for the build. He filed the project’s first construction plans back in 2014 at 134-37 35th Avenue. Architect Raymond Chan is designing the 202,000-square-foot building that will include a Four Points Sheraton Hotel. Xu plans to live in the Farrington’s duplex penthouse, he told The Real Deal earlier this year.

The Farrington plan is just the latest in what has been one of Flushing’s most impressive development clips. George Xu and his brother Chris Xu, together under the banner of C&G Empire Realty, were two of the most active builders in all of Queens, developing more than 1 million square feet over the last decade. They split to form their own companies sometime in 2014 and Chris has since started on Queens’ tallest skyscraper, a 79-story tower in Long Island City.

Other projects in the pipeline for George include an 88-unit Jamaica building with a mix of condos and rentals and a 250-unit Westin Hotel in Flushing.

Flushing meanwhile is a veritable condo factory, with 2,600 new condos hitting the market since 2010 and another 2,800 expected before 2021. Alongside all the ground-up new development could be a wave of condo conversions, too. Joel Weiner’s Pinnacle Group recently filed to convert a 144-unit rent-stabilized property 142-20 Franklin Avenue.  The company bought two more rent-stabilized buildings in the area earlier this month, paying $57.6 million.


Related Articles

arrow_forward_ios
D&F Development Group’s Peter Florey and the development site at the northwest corner of Pulaski and Elwood Roads in East Northport (D&F Development Group, Google Maps)
Four decades in making, East Northport project clears key hurdle
Four decades in making, East Northport project clears key hurdle
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
Brookfield Property Partners CEO Brian Kingston and 660 Fifth Avenue (Brookfield Properties, Getty Images)
Major asset manager moves to 660 Fifth Avenue
Major asset manager moves to 660 Fifth Avenue
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
50 Pennsylvania Avenue (LinkedIn, Pennrose)
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Billionaire entrepreneur Mark Cuban (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...