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

Financing came from a group of banks including JPMorgan Chase

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
133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

arrow_forward_ios
Loading...