The Real Deal New York

Chris Xu sells Flushing waterfront parcel for $45M

Developer had paid $100 million for full 4-acre site
By Eddie Small | December 06, 2017 10:25AM

Chris Xu and a rendering of River Park Place (Credit: Ismael Levya)

UPDATED, 3:12 p.m., Dec. 7: Prolific Queens developer Chris “Jiashu” Xu has sold off part of a Flushing assemblage he bought last year.

Xu, president of United Construction and Development Group, and Brian Pun, of FSA Capital, sold a land parcel at 39-02 Janet Place for $45 million, according to property records. The buyer was Hengxing LLC, a Queens-based company that lists Yuzhuo Yu as its signatory.

The property appears to be part of a four-acre assemblage addressed at 39-08 Janet Place that Xu bought last year for $100 million. The lot on the waterfront of the Flushing River contained 870,000 as-of-right buildable square feet and was seen as a possible site for Xu to revive his plans for River Park Place, a five-tower mixed-use megadevelopment featuring 450 apartments, 313,000 square feet of commercial space and 7,500 square feet of community space.

Xu has become one of the most active developers in Flushing over the years and is currently working on the 67-story Court Square City View Tower in Long Island City, which would be the tallest building in Queens.

Xu did not respond to a request for comment. Pun and Yu could not be reached.

This story was updated to reflect Brian Pun’s affiliation with FSA Capital