The Real Deal New York

Chris Xu’s record-breaking LIC condo tower aims for $1B sellout

Prices range from $600K for a studio to $3M for a two-bed
October 29, 2018 08:30AM

A rendering of 23-15 44th Drive and Chris Xu (Credit: CityRealty)

Queens is set to get its first $1 billion condominium project.

Developer Chris Jiashu Xu earlier this month got approval from the state Attorney General’s office to begin sales at his 802-unit Skyline Tower in the Court Square section of Long Island City, Bloomberg News reported.

At 964 feet, the glass tower is already to set to be the tallest it Queens, and now it may claim another record: It’s estimated sellout of $1.008 billion is the first billion-dollar-plus condo project for the borough, according Modern Spaces’ Eric Benaim, who is marketing the tower.

“It’s like Queens has finally made its mark in real estate,” he said.

Condos in the building start at slightly more than $600,000 for a studio on the third floor, and go up to $3.04 million for a two-bedroom on the top floor. The developer has not yet priced the penthouses on the upper floors, so the estimated sellout cold climb, Benaim said.

Xu earlier this year received a $502 million construction loan for the tower at 23-15 44th Drive from a group of banks including JPMorgan Chase.

His partners on the project include FSA Capital’s Brian Pun, Hong Kong developer Risland U.S. Holdings LLC and Henry Yeung. Xu bought the site from Citigroup in July 2015 from $143 million. [Bloomberg] – Rich Bockmann