Chris Xu secures $502M construction loan for tallest condo in Queens

Financing came from a group of banks including JPMorgan Chase

TRD New York TRD WEEKEND EDITION /
Jul.July 08, 2018 04:19 PM

From left: Renderings of 23-15-44th-Drive by Hill West, formerly known as Goldstein, Hill & West; developer Chris Xu. (Credit: Hill West)

UPDATED Monday, July 9 at 11:40 a.m.: Developer Chris Jiashu Xu scored a loan worth over half a billion for his record-breaking Long Island City condo project at 23-15 44th Drive.

The $502 million construction loan came from a group of banks including JPMorgan Chase in a deal brokered by Meridian Capital Group, according to the Wall Street Journal. When completed, Xu’s 67-story building will be the tallest in Queens and will consist of 802 units.

The total cost for the project, known as Court Square City View Tower, is pegged at $700 million. Xu’s partners on the development include FSA Capital’s Brian Pun, Hong Kong developer Risland U.S. Holdings LLC and Henry Yeung. Xu acquired the site in July 2015 from Citigroup for $143 million.

Firm Modern Spaces is handling marketing and expects presales to begin as early as the end of the year with pricing reportedly ranging from $500,000 to $4 million. Construction is underway and the first round of units are expected to be ready by 2021.

The loan comes as the number of filings for condominium projects in Queens have reached a nine-year high, as The Real Deal reported. The median price for an apartment in LIC is currently between about $880,000 and $1 million, according to data cited by the Journal. Xu is also at work on a 183-unit condominium project in Elmhurst. [WSJ]Erin Hudson

Correction: An earlier version of this story incorrectly stated the loan was a half a million dollars; it is half a billion dollars.


Related Articles

arrow_forward_ios
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
82-10 Baxter Avenue and 3111 Heath Avenue (Google Maps)

Queens retail sale tops mid-market deals of the week

Queens retail sale tops mid-market deals of the week
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
arrow_forward_ios

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

Loading...