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.